Massachusetts just recently passed legislation making additional prerequisites for possible licensees. Among those changes were audited money wants, increased bond wants, and other minor changes. This has made it complicated for smaller mortgage consultants to get licensed since they do not have they time or cash to finish verified financials. Verified Financials regularly can cost between $2,000 to $10,000 to finish and weeks of gathering bureaucracy for the Authorized Public Accountant (CPA)
Massachusetts has now passed another bill requiring loan officers to be approved. Details haven't been released about precisely what the timeframes will be for licensing, but with the US Senate looking at a bill to require Loan Officer licensing in each state, we could see more of this shortly.
New licensing wants should be coming out very soon. I am expecting the state of Massachusetts to want fingerprint background checks, tests, continuing education, and a serious charge between $200 to $300 per Loan Officer.
Massachusetts Senate Passes Homeownership Protection Legislation
The Massachusetts Senate passed House Bill 4306, a bill protecting and preserving home possession on October 25, 2007. The bill, that the Massachusetts House of Members passed on October 18, will be returned to the House for concurrence on Senate amendments.
Highlights of the law include:
- New requirement for loan originator licensure;
- 90 day right to heal to borrowers of owner-occupied family homes who default on a mortgage payment; and
- Transgression or misdemeanor offense for licensed money lender operating without a license; and
- $3 million appropriation to fund employees at the Division of Banks to carry out and impose mortgage loan originator licensure; and
- $2 million appropriation to back at least 10 foreclosure education counselling centers through the Division of Banks.
The legislation also offers inducements to banks to revise adjustable or variable rate home loans to fixed terms.
Massachusetts has now passed another bill requiring loan officers to be approved. Details haven't been released about precisely what the timeframes will be for licensing, but with the US Senate looking at a bill to require Loan Officer licensing in each state, we could see more of this shortly.
New licensing wants should be coming out very soon. I am expecting the state of Massachusetts to want fingerprint background checks, tests, continuing education, and a serious charge between $200 to $300 per Loan Officer.
Massachusetts Senate Passes Homeownership Protection Legislation
The Massachusetts Senate passed House Bill 4306, a bill protecting and preserving home possession on October 25, 2007. The bill, that the Massachusetts House of Members passed on October 18, will be returned to the House for concurrence on Senate amendments.
Highlights of the law include:
- New requirement for loan originator licensure;
- 90 day right to heal to borrowers of owner-occupied family homes who default on a mortgage payment; and
- Transgression or misdemeanor offense for licensed money lender operating without a license; and
- $3 million appropriation to fund employees at the Division of Banks to carry out and impose mortgage loan originator licensure; and
- $2 million appropriation to back at least 10 foreclosure education counselling centers through the Division of Banks.
The legislation also offers inducements to banks to revise adjustable or variable rate home loans to fixed terms.
About the Author:
Mary Smart is a payday loan advisor who has been connected with foreigner loan in singapore and has more than thirty years of expertise in finances. She has helped a large number of individuals to get Fast Unsecured Loans, and lots of other products regardless of their credit situation.
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