I am sure you have heard about this by now, but if you have not let me share again.

Effective July 1, 2010 all Mortgage Bankers and Mortgage Brokers in the State of Arizona will require their loan originators to be licensed.

Now based on an exemption in the laws the big Interstate Chartered Banks do not require their loan originator working for a big bank such as Chase, Wells Fargo and Bank of America to be licensed.

Now I am not trying to make this into a David versus Goliath story, but I am trying to emphasize the huge differences and implications this change will have on the consumer.

Here is a chart to show the differences:

So I think the choice is clear.  The funny part is the cost for the service based on rates and fees are about the same.  The best analogy I can use is having a choice of working with a CPA vs. Turbo Tax but paying the same price.

As of Thursday, February 18, I am officially a licensed Loan Originator with the state of Arizona and NMLS (Nationwide Mortgage Licensing System).  Beginning July 1, 2010 all Loan Officer’s will be required to have a license to originate any loans.  This is an exciting and necessary step for the mortgage industry!  Here is my mortgage license.

Gary Miljour Loan Originator license