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Other Added - Potential for Tougher Mortgage Laws in Massachusetts
Many mothers and fathers find that the financial demands of a family requires two incomes. However, when the cost of child care combined with transportation and other necessities of work end up voiding the financial benefits, some parents decide that the best way to make ends meet is to care f
"Should we be looking at the system?" asked Joseph Leonard Jr., general counsel for the Division. "The Division continues to consider the merits of li
In my previous article, Step 1, your challenge for the month was to research where your passion lies. Based on your research you might have discovered that self investigation can lead us to two places; either we find out our answer or we realize we need to ask more questions to get that answer
A Boston Globe investigation revealed several instances of loans that appeared to violate lending laws. Senator Joyce said that brokers are the people "involved with the most signifcant financial transaction that most of us will ever engage in."
Under the current laws, mortgage companies must register with the state. Owners are required to undergo criminal background checks. However, the loan officers are not state regulated.
"My God, we license manicurists and hairdressers," said Joyce.
Joyce plans to reintroduce a bill to the Legislature that would require all loan officers to register with the state and be subject to exams.
He said that fraud "has an impact on the person who sells the home, the mortgage company that might not get paid, and the secondary market for mortgages that doesn't receive payment."
The state's Divisions of Banks said it would be open to changes to the law, provided that companies that hire loan officers maintain responsibility for their actions.
"Should we be looking at the system?" asked Joseph Leonard Jr., general counsel for the Division. "The Division continues to consider the merits of lic
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Under the current laws, mortgage companies must register with the state. Owners are required to undergo criminal background checks. However, the loan officers are not state regulated.
"My God, we license manicurists and hairdressers," said Joyce.
Joyce plans to reintroduce a bill to the Legislature that would require all loan officers to register with the state and be subject to exams.
He said that fraud "has an impact on the person who sells the home, the mortgage company that might not get paid, and the secondary market for mortgages that doesn't receive payment."
The state's Divisions of Banks said it would be open to changes to the law, provided that companies that hire loan officers maintain responsibility for their actions.
"Should we be looking at the system?" asked Joseph Leonard Jr., general counsel for the Division. "The Division continues to consider the merits of li
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"My God, we license manicurists and hairdressers," said Joyce.
Joyce plans to reintroduce a bill to the Legislature that would require all loan officers to register with the state and be subject to exams.
He said that fraud "has an impact on the person who sells the home, the mortgage company that might not get paid, and the secondary market for mortgages that doesn't receive payment."
The state's Divisions of Banks said it would be open to changes to the law, provided that companies that hire loan officers maintain responsibility for their actions.
"Should we be looking at the system?" asked Joseph Leonard Jr., general counsel for the Division. "The Division continues to consider the merits of li
The potential value of your home can be shocking. To cash in on the value your home could have with the proper renovations, you should get a home evaluation to get an expert’s opinion on the current condition and value of your home and what you can do to increase its property value. Most likel
He said that fraud "has an impact on the person who sells the home, the mortgage company that might not get paid, and the secondary market for mortgages that doesn't receive payment."
The state's Divisions of Banks said it would be open to changes to the law, provided that companies that hire loan officers maintain responsibility for their actions.
"Should we be looking at the system?" asked Joseph Leonard Jr., general counsel for the Division. "The Division continues to consider the merits of li
The U.S. Department of Labor estimates that 8.5 million people identify themselves as consultants or freelance workers -- and other sources have that number as high as 30 million, and growing. One aspect of freelance work that many people underestimate is the amazing number of things that can
"Should we be looking at the system?" asked Joseph Leonard Jr., general counsel for the Division. "The Division continues to consider the merits of licensing individual loan originators just as some other states do."
The Globe report revealed instances of overstating incomes, arrangements for loans that cost more than the borrower can afford and even identity theft. Many victims have lost their homes, filed bankruptcy and lost their credit standing.
Victim advocates say that the current systems allows for loan offiers who don't understand predatory lending laws.
"I think everyone needs to be licensed," said Mayte Rivera, director for the Community and Enterprise Development Center. "I've come in contact with mortgage brokers who are promoting loans that when you ask if they're familiar with anti-predatory lending laws, they say no."
Andrea Bopp Stark is a lawyer who represents a number of mortgage fraud victims. She says that more enforcement is the solution, not just oversight.
"Enforcement is very low because of lack of resources and of knowledge of who is doing what," said Stark. "Legislation is OK. It's not great. It is there, it just ne
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