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Article: BNY Mortgage Company LLC Receives Approval to Originate Reverse Mortgage Loans in Massachusetts.
- Article from:
- PR Newswire
- Article date:
- February 3, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Feb. 3 /PRNewswire/ -- BNY Mortgage Company LLC today announced that the Massachusetts Division of Banks granted it approval to originate reverse mortgage loans in Massachusetts under a new state law.
BNY Mortgage Company is the first residential mortgage lender to receive approval since the Reverse Mortgage Loan Act took effect in November 1998. The act requires lenders to submit a detailed reverse mortgage plan for approval to the Massachusetts Division of Banks.
"The reverse mortgage is a tremendous financial planning product that few people know about," said Patrick J. McEnerney, president of BNY Mortgage Company. "This product allows ...