State Mortgage Compliance
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New York Amends Laws for Mortgage Loan Originators
by Nicole Legere, Esq.Associate Counsel New York Banking Law Article 12-E governing mortgage loan originators (MLOs) was recently amended to conform to federal regulations. Pursuant to the federal SAFE Act, any state MLO licensing schemes that do not satisfy a minimum standard is preempted and HUD is charged with implementing a licensing scheme in those […]
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Urgent Announcement
All mortgage brokers & lenders must have a Massachusetts Electronic Security Plan in place by March 1st, 2010 Pursuant to the authority granted under M.G.L. c 93H, the Massachusetts Office of Consumer Affairs and Business Regulation retroactively promulgated 201 CMR 17:00, a law requiring all financial organizations to have a written plan to protect personal […]
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Welcome to Compliance Monitor!
Compliance Monitor is a complimentary newsletter written for Bankers Advisory’s clients and associates. As a mortgage industry professional, you have little time to research and comprehend today’s ever-changing laws and regulations. Each issue of Compliance Monitor will feature a key regulation and offer additional resources to help your organization understand, implement and monitor compliance. Visit […]