Mass. Crackdown on Mortgage Licensees
The Commonwealth of Massachusetts has made it tougher to qualify for a mortgage license and handed out hundreds of orders to those who don't comply. Out of nearly 8,000 license applications received by the state since July 1, 2008, nearly 2,000 of the applicants either gave up or were turned down.

New regulations in the state under Chapter 206 required mortgage originators to be licensed, according to Compendium of Actions Taken Relative to Foreclosures and the Mortgage Industry released Tuesday by the Commonwealth of Massachusetts Division of Banks.

The report indicated 7,747 loan originator licenses were received.
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4 States Pass License Laws, 1 Closes 87 Companies
Four states have passed legislation in conjunction with federal mortgage licensing laws signed last year by President Bush, while another state awaits its governor's signature. Nearly 90 Massachusetts mortgage companies faced cease-and-desist orders because they didn't comply with stiffer approval requirements in the state.

Bank Originators to Participate in National Registry
Six federal regulators have laid the groundwork for requiring loan originators at federally regulated institutions to join the national license registry. Meantime, several new offerings aim to help lenders meet a growing number of mortgage compliance requirements. But some firms are looking for ways to exploit compliance errors by lenders.

Un-S.A.F.E. States
CHICAGO -- Three states that are likely to see more defaults than any others are also the only three states not yet slated to join a national license registry, according to a HUD official.

Compliance Made Easy
Two U.S. representatives have introduced separate bills that would subject lenders to community lending requirements and high-cost loan restrictions. Meanwhile, mortgage companies hoping to maintain compliance with government-insured lending, loan workout requirements and licensing laws already on the books can find help from several new offerings.

Better S.A.F.E. Than Sorry
U.S. mortgage bankers are worried servicers may be subject to new state licensing requirements, and Florida mortgage brokers are concerned changes in that state could make them less competitive. Meanwhile, several other states are on track to meet a federal licensing requirement.

Mortgage Compliance Daily
As fast as new requirements emerge for government lending and appraisal ordering, new services are emerging to help mortgage companies comply. In other compliance news, mortgage trade groups are asking the Obama administration to exempt mortgage servicers from upcoming licensing requirements.

The Compliance Chronicle
Three compliance service providers are bragging about more than 200 new customers they collectively added last year. In other recent compliance news, one group is asking for changes to updated Regulation Z requirements while a New York firm is warning about complying with federal licensing requirements.

New Reporting Requirements at Fannie
Fannie Mae wants to know more about the loan officers and appraisers on loans it acquires. New license reporting will help the company better identify crooked players by analyzing mortgage fraud patterns by originator and appraiser.

Nevada Mortgage Regulators On the Block
The state of Nevada is considering eliminating its mortgage regulation division.