dorothy dumnich consulting, inc.
Arizona Mortgage Broker and Mortgage Banker Industry Consultant
Over 25 years experience in the industry
Dorothy Dumnich Consulting. Inc. was established in 2001. when Dorothy Dumnich, the company's founder, retired from the Arizona State Banking Department. Dorothy brought with her the expertise of over twenty years experience in the regulation end of the mortgage industry. Her extensive knowledge of Arizona's laws and rules governing the industry is a culmination of "starting at the bottom and working her way up". Her tenure began in 1981 with the Arizona State Banking Department. One of her first assignments was the receivership of a mortgage broker which required her to reconstruct the books and records of the company and report on the violations of the mortgage broker laws.
In 1986, when it became apparent to the Banking Department that the statutes governing the mortgage broker industry in Arizona were woefully inadequate, Dorothy was asked to be on the department's newly formed committee that drafted new laws for mortgage brokers. The "end product" of this committee's work is what the legislature enacted in 1987 to govern the industry. Since this time, Dorothy's additional experience includes:
*Disseminating the meaning of the new laws to the industry.
*Authoring the first exam formats used by the Division to conduct exams of mortgage brokers and mortgage bankers.
*Participating as a member of the committee responsible for authoring the test questions used as the pre-license exam.
*Participating as a member of the committee whose work resulted in the origination of the American Association of Residential Mortgage Regulators ("AARMR")
In 1989, Dorothy was appointed by the Department to a committee formed to draft interpretative rules for mortgage brokers. Dorothy was the major contributor on the Department's behalf in the writing of the Arizona Administrative Code ("AAC") rules for mortgage brokers. Title 20 Article 9, (the "MB RULES") became effective in 1991. During 1998, until her retirement in December, Dorothy was the source for the Department in authoring the AAC rules for mortgage bankers and commercial mortgage bankers as well as providing the expertise for the Department in writing the few amendments to the MB Rules. These all became effective in June 1999. These rules are what still govern the industry today.
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