March 28, 2008
To Whom It May Concern:
The purpose of this letter is to inform you of the Division of Banks' (Division) intention to issue Regulatory Bulletin 1.1-105 to provide guidance applicable to mortgage loan originators and to provide an opportunity to comment on the content of this guidance in advance of its issuance by the Division. The proposed guidance sets forth the Division's requirements of Massachusetts General Laws Chapter 255F, Sections 3(b) and 6 as added by Chapter 206 of the Acts of 2007.
On November 29, 2007, Governor Deval Patrick signed into law Chapter 206 of the Acts of 2007, An Act Protecting and Preserving Home Ownership. Chapter 206 included, in part, establishing a licensing requirement for mortgage loan originators as well as an educational requirement for licensure. This guidance sets forth standards for loan originator education as well as a Division application process for the approval of mortgage educational courses and providers.
The Division welcomes comments on the proposed bulletin and application from interested parties which should be submitted by April 4, 2008 via e-mail to firstname.lastname@example.org or by mail addressed to the undersigned at One South Station, Boston, Massachusetts 02110.
Very truly yours,
Steven L. Antonakes
Commissioner of Banks