Last week, Governor Phil Bredesen signed into law the new Mortgage Originator Reform bill. This legislation mandates continuing education for all persons who originate mortgage loans in the state. It is really the second step taken to enhancing professionalism in mortgage industry in Tennessee.
Prior to the institution of originator registration, three years ago, there were only minimal requirements to become a mortgage professional. The requirements primarily were to post a bond.There were no educational requirements.
State licensing has helped, but I think that the education requirement is an even bigger step.
It still remains to be seen how the new regulations will be implemented and what the education requirements will be. Any start though is a start.
Here is a photo of the bill signing. Tina Christein, president of the TNAMB for 2008 and vice president of American Acceptance Wholesale, is the lady in the photo, third from the left. Photo is taken from the TNAMB news release article.
The TNAMB website is http://www.tnamb.org/home.
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