CONCORD, N.H.—A new law will provide New Hampshire home buyers with greater protections when they obtain mortgages.
Gov. John Lynch signed a law Monday that requires anyone who arranges mortgage loans to fill out an application and get a license from the state starting in April 2009.
Mortgage originators will pay an annual $100 application fee and must answer questions about any criminal history or employment terminations. The state Banking Department will issue the licenses and have the authority to deny or revoke licenses under certain circumstances. Mortgage originators also will have to be employed by licensed mortgage bankers or brokers.
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