Senior Lending Network introduces proprietary reverse loan products to New York

Massachusetts adopts regulations for new mortgage loan originator lawMortgagePress.comMassachusetts Division of Banks, MLO, mortgage originator law The Massachusetts Division of Banks has adopted implementing regulations to establish procedures and requirements for licensing under its new mortgage loan originator law. Under the new regulations, loan originator applicants are required to submit documentation of their financial responsibility, character and fitness and proof of completion of pre-licensing coursework. In addition, under the new regulations, a loan originator must disclose his/her mortgage loan originator license number in writing to all potential borrowers and residential mortgage loan applicants at the time a fee is paid or when a mortgage loan application is accepted. The implementing regulations became effective on May 30, 2008. For a copy of the new regulations, click here.