Monday, August 16, 2010

MORTGAGE NEWS: 43 loan originators told to stop work

The Massachusetts Division of Banks has issued 43 temporary cease-and-desist orders against licensed mortgage originators in Massachusetts for failing to meet licensing requirements under updated laws.

Mortgage loan originators must complete 20 hours of prelicensing education, pass both state and national tests, and submit fingerprints for a criminal background check, the division said in a news release yesterday.

State officials released a list of mortgage originators who failed to comply with those provisions before the deadline in the law. They “had ample opportunity to meet the revised licensing requirements,’’ said Steven L. Antonakes, the commissioner of banks. “The division made it clear that any mortgage loan originator that failed to meet all requirements for licensure by the stated deadlines would be unable to continue to do business.’’

Boston Globe August 10, 2010

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