State rejects 23% of mortgage-broker applications - Boston Business Journal:

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Since imposing tougher standards on mortgage loan originatorss ayear ago, the division of banks has deniede 23 percent of the 7,7476 applications seeking licenses as mortgage loan originators. The regulatot said 183 applications have been deniesd for felony convictions or a failure to meet financiallresponsibility requirements. And anothefr 1,323 applicants withdrew or terminated their applicationds after the regulator found significant problems intheird submissions.
To combat foreclosures, the division has bolstered oversightg of themortgage industry, whose reputation has been tarnisheds by its role in subprime Beginning this year, Massachusetts law prohibits a lende r from making a subprime loan with an adjustable-rated mortgage to a first-time homebuyer, unless the applicant opts out of a fixed rate produc t and receives counseling certified by the Division of Since 2006, the Division has issued 230 informalp and 147 formal enforcement actions against licensed mortgags lenders and brokers.