Massachusetts just latterly passed legislation making extra requirements for potential licensees. Among those changes were verified financial wants, increased bond needs, and other insignificant changes. This has made it difficult for smaller mortgage brokers to get licensed since they do not have they time or money to finish checked financials. Audited Financials regularly can cost between $2,000 to $10,000 to finish and weeks of gathering paperwork for the Licensed Public Accountant (CPA)
Massachusetts has passed another bill requiring loan officials to be licensed. Details haven't been released about precisely what the timeframes will be for licensing, but with the US Senate looking at a bill to need Loan Officer licensing in every state, we could see more of this soon.
New licensing requirements should be coming out very soon. I am expecting the state of Massachusetts to want fingerprint background probes, tests, continuing education, and a sizeable charge between $200 to $300 per Loan Officer.
Massachusetts Senate Passes Homeownership Protection Legislation
The Massachusetts Senate passed House Bill 4306, a bill safeguarding and saving home possession on October 25, 2007. The bill, which the Massachusetts House of Representatives passed on October 18, will be returned to the House for concurrence on Senate amendments.
Highlights of the legislation include:
o New requirement for licensed money lenders ;
o 90 day right to heal to borrowers of owner-occupied family homes who default on a home loan payment;
o Felony or misdemeanor offense for mortgage brokers or banks operating without a license;
o $3 million appropriation to pay for workers at the Division of Banks to carry out and impose mortgage originator licensure; and
o $2 million appropriation to back at least 10 foreclosure education counseling centers through the Division of Banks.
The legislation also offers motivations to lenders to revise alterable or variable rate home loans to fixed terms.
Massachusetts has passed another bill requiring loan officials to be licensed. Details haven't been released about precisely what the timeframes will be for licensing, but with the US Senate looking at a bill to need Loan Officer licensing in every state, we could see more of this soon.
New licensing requirements should be coming out very soon. I am expecting the state of Massachusetts to want fingerprint background probes, tests, continuing education, and a sizeable charge between $200 to $300 per Loan Officer.
Massachusetts Senate Passes Homeownership Protection Legislation
The Massachusetts Senate passed House Bill 4306, a bill safeguarding and saving home possession on October 25, 2007. The bill, which the Massachusetts House of Representatives passed on October 18, will be returned to the House for concurrence on Senate amendments.
Highlights of the legislation include:
o New requirement for licensed money lenders ;
o 90 day right to heal to borrowers of owner-occupied family homes who default on a home loan payment;
o Felony or misdemeanor offense for mortgage brokers or banks operating without a license;
o $3 million appropriation to pay for workers at the Division of Banks to carry out and impose mortgage originator licensure; and
o $2 million appropriation to back at least 10 foreclosure education counseling centers through the Division of Banks.
The legislation also offers motivations to lenders to revise alterable or variable rate home loans to fixed terms.
About the Author:
Robert Newton is a business writer focusing on finance and fast loans and has written reliable articles on the finance industry. He has done his experts in Business Administration and is presently assisting as a business loan consultant.
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