Skip to main content

How to Choose Closing Coordination Software

National Mortgage Professional
Jul 18, 2001

Assemblywoman Greene Hails Education Requirements Legislationmortgagepress.comNYAMB, Aurelia Greene, Education Requirements, Bill #192, New York State Banking Department Assemblywoman Aurelia Greene of the Bronx, along with the New York Association of Mortgage Brokers, commended the New York State Banking Department's inclusion of Ms. Greene's Education Requirements Legislation (A. 12) in the Department's Program Bill #192. Bill #192 requires all applicants for Mortgage Broker licenses to complete 15 hours of instruction on basic real estate and mortgage practices, as well as 45 hours of instruction on the operation of a mortgage brokerage. It also exempts registered brokers from the initial 15-hour course, but provides them with two years to complete the 45-hour course work on the operation of a mortgage brokerage. Every broker will be required to complete five hours of continuing education annually. Superintendent of Banks Elizabeth McCaul will promulgate the rules and regulations. "This has been a long time coming and I am both encouraged and delighted that the Banking Department understands the need," says Assemblywoman Greene. "I have worked with the industry over the years to address this issue, which will enhance the Mortgage Broker industry, as well as ensure that consumers are dealing with legitimate and knowledgeable people." "NYAMB commended the tireless efforts that Assemblywoman Greene spent in sponsoring and passing our Education Requirements Legislation (A. 12) through the Assembly Banking Committee," says NYAMB Legislative Chair Zahra Jafri. "Consumers will greatly benefit from this bill, which establishes specific educational and employment requirements for Mortgage Broker applicants." "Ten years ago, National Association of Mortgage Brokers Treasurer Nagy Henein and I approached Assemblywoman Greene on drafting legislation to improve our industry by adding educational requirements for current and future registered Mortgage Brokers," says NYAMB Past President Don Romano. "We are pleased that the Banking Department has chosen to implement Mrs. Greene's legislation into their Department Program Bill. Thanks and congratulations."
Published
Jul 18, 2001
More from
Tech
First Tech Federal Credit Union Chooses ICE Mortgage Technology’s EPPS

First Tech Federal Credit Union has chosen ICE Mortgage Technology’s EPPS to improve automation, compliance, and scalability to meet the demands of over 720,000 members. 

Tech
Jul 29, 2021
ICE Makes Enhancements To Its Mortgage Prepayment Model

The Intercontinental Exchange, Inc. made enhancements to its mortgage prepayment model with daily residential mortgage rates from ICE Mortgage technology.

Tech
Jul 27, 2021
Liquid Mortgage Technology Supports Efficient Debt Market

Liquid Mortgage received a U.S. patent for its distributed ledger technology to support its future vision of efficient and transparent debt markets.

Tech
Jul 22, 2021
Rocket Expands Home Search Tool To All 50 States

Rocket Homes announced its growing home search tool now includes listings from all 50 states.

Tech
Jul 21, 2021
Better's One-Click Checkout Now Offers Title Insurance For Refi's

Better announced it has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) in Virginia. 

Tech
Jul 20, 2021
Fairway Independent Mortgage Uses Doma To Improve Refinance Business

Doma Intelligence platform will remove key points of friction and frustration that affect traditional mortgage closings.

Tech
Jul 16, 2021