Cuomo Signs Bill To Tighten Mortgage Licensing Loophole

Law360, New York (June 1, 2012, 5:25 PM EDT) -- Unscrupulous mortgage lenders exploiting a banking law loophole to make unlicensed, unregulated home loans to vulnerable borrowers are the targets of a measure signed into law Friday by New York Gov. Andrew Cuomo. 

The proposal, which won final legislative passage May 7 and goes into effect on Jan. 1, 2013, requires any person or entity that makes more than three home loans in a year — or five in two years — to be a licensed mortgage banker. 

It sharply reduces the five-loan-per-year limit currently in...
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