Massachusetts just lately passed legislation making extra requirements for prospective licensees. Among those changes were checked money needs, increased bond requirements, and other insignificant changes. This has made it difficult for smaller mortgage consultants to get licensed since they do not have they time or money to finish audited financials. Checked Financials frequently can cost between $2,000 to $10,000 to finish and weeks of gathering bureaucracy for the Certified Public Accountant (CPA)
Massachusetts has now passed another bill requiring loan officers to be approved. Details have not 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 very well see more of this shortly.
New licensing needs should be coming out very shortly. I'm expecting the state of Massachusetts to require fingerprint background investigations, tests, continuing education, and a hefty 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 Delegates passed on October 18, will be returned to the House for concurrence on Senate amendments.
Highlights of the law include:
- New duty 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 money lenders operating without a license; and
- $3 million appropriation to fund workers at the Division of Banks to carry out and impose mortgage loan originator licensure; and
- $2 million appropriation to fund at least 10 foreclosure education counseling centres through the Division of Banks.
The law also offers incentives to banks to revise adaptable or variable rate home loans to fixed terms.
Massachusetts has now passed another bill requiring loan officers to be approved. Details have not 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 very well see more of this shortly.
New licensing needs should be coming out very shortly. I'm expecting the state of Massachusetts to require fingerprint background investigations, tests, continuing education, and a hefty 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 Delegates passed on October 18, will be returned to the House for concurrence on Senate amendments.
Highlights of the law include:
- New duty 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 money lenders operating without a license; and
- $3 million appropriation to fund workers at the Division of Banks to carry out and impose mortgage loan originator licensure; and
- $2 million appropriation to fund at least 10 foreclosure education counseling centres through the Division of Banks.
The law also offers incentives to banks to revise adaptable or variable rate home loans to fixed terms.
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