We’re adding yet another state to the list of states that require loan originator licensing. Massachusetts has just started to implement a new law that was passed in November, 2007 and becomes fully effective July 1, 2008.
By July 1, 2008, all Massachusetts-licensed mortgage lenders and brokers may not employ or retain loan officers who are not licensed. Starting February 19, 2008 and ending on May 27, 2008, all loan officers who were employed by a licensed mortgage lender or broker on November 29, 2007 must register as a loan officer through the Nationwide Mortgage Licensing System (NMLS). Each mortgage lender or broker must have already created their company’s record with the NMLS by this date. If the loan officer was hire after November 29, 2007, he/she will have to go through a different licensing procedure, which has not yet been disseminated to the public yet.
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