Beginnin g...

Beginning in the early 1940’s mortgage companies began to established.  In the early years  depository banks and savings and loan associations dominated the mortgage market.  However, bank loan lending criteria were limited and not standardized.  For  persons  who  did  not  meet  bank criteria, private lenders made  first  and  second  mortgages.   

Business thrived.   As the market evolved, so did the need for legislation. Organizations also began to form throughout the country out of need for a voice in in this new legislation.   Florida worked with its legislature to create the first mortgage brokering act written in the United States.  Arizona's the first mortgage broker act went into effect in 1972. 

The late ‘60s and early ‘70s brought national reform to the industry.  The Equal Credit Opportunity Act, Truth in Lending Act and Real Estate Settlement Procedures Act all became law.  Government sponsored enterprises, created by Congress in the early 70s, were authorized to invest in   mortgages   and   funds   were   raised   through   the   sale   of   mortgage   backed securities.   Prior to that time the Government National Mortgage Association, who administered the FHA programs, was the major source of mortgage funding.

Our Beginning...

Arizona’s early years were riddled with strife dealing with unscrupulous lenders.  There were struggles with efforts by another group to organize in the mortgage industry in the Phoenix area.  Unfavorable bond requirements were imposed by the state legislature, and, worst of all, was the bad publicity due to criminal activity by some brokers.   

A group of reputable brokers formed to collectively create a positive influence.  In August 1980, David Lyle and Mark Ross – Mortgage Brokers in Tucson – started the Arizona Association of Mortgage Brokers (AAMB).  They formed AAMB and stayed the course to work with the legislature and the press to cure the misconceptions that all brokers were corrupt.  AAMB was instrumental in helping lawmakers understand the role of brokers in the financial landscape as well as meeting the needs of consumers in a way that was advantageous for all parties.

In December 2009, in keeping with the changing landscape, the name of AAMB was amended to Arizona Association of Mortgage Professionals (AzAMP).

Minimum loan size, bond requirements, education requirements and, licensing of loan originators are just a few examples of the direct involvement of members of AzAMP.   Many individual brokers have spent countless hours working to preserve the rights of lending professionals to do business in a way that is not only beneficial to them but to consumers.  Countless Bills that would overburden the mortgage industry have been quashed through “Calls to Action” by AzAMP. Through all this we have formed a close relationship with the Arizona mortgage industry regulator, Arizona Department of Financial Institutions (DFI).   DFI has great respect for AzAMP and its members.   They have asked for our support and input on many occasions.

The work is never ending.  AzAMP is constantly looking for ways to protect brokers legislatively and to enhance the benefits provided an association. But, it is your responsibility as a member to accept the torch when it is passed to you.  Each and every member of the Association plays a key and important part in the success of our industry.   Remember one voice is not nearly as loud as the collective voices of you and your peers working toward a common goal.