Mass. diligent in review of lenders
The article (“State won’t review old loans,’’ July 14) suggests that the Division of Banks has no plans to review loans originated by loan originators denied licenses. Through an active examination process, we review originated loans at a company level and, should findings dictate, take appropriate administrative action. In the past three years alone, the division has issued nearly 400 actions against licensed mortgage entities.
The division began licensing individual mortgage originators last year. Since then, we have received 7,794 applications. A total of 184 applications have been denied for felony convictions or a failure to meet financial responsibility requirements. An additional 1,333 applicants terminated or withdrew their applications after correspondence from the division demonstrated material weaknesses in their submission.
Additionally, a 2008 Pew Charitable Trust Report ranked Massachusetts in the top tier of states for its response to the foreclosure crisis, citing a number of efforts underway at the division.
Steven L. Antonakes
Commissioner of Banks
Stephen E. Bacher
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