Today’s Boston Herald has an article about a new state law that that requires Massachusetts loan brokers to undergo credit checks proving financial responsibilities – even with household bills. The new law requires that before obtaining a license or to renew a license the applicant must pass a credit check.
The Boston Herald article stated: Boran Yi Armstrong fell behind on credit-card payments due to kidney transplant surgery. That could cost her a mortgage brokers’s license due to new state law requiring brokers to pass credit checks. The article goes on to state. Some mortgage executives are critical of new credit checks, which have held up about 1,000 brokers license applications.
Did they raise the bar to high on mortgage brokers? Should it be based on a case to case basis?
Source: Boston Herald
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