Posted by Shoshana/AZ on 2/6/10 6:31am
Msg #321576
Loan Mods in AZ
As of July 1, 2010 nobody can hold themselves out (advertise) as doing loan mods in AZ unless they are licensed as LOs here. That is the new law. It applies to attorneys as well. Unlicensed people can do 5 or fewer per year whether or not they are paid, as long as they don't hold themselves out as doing so.
I am taking the LO licensing class right now. One other thing that I learned that I didn't know before is that if the lender makes an error on the docs and it's not discovered until after the closing, that opens up an extended 3 year recission period.
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