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.