Will Massachusetts' New Senator Help Loan Brokers?

Mortgage brokers are hopeful that the newly elected Senator from Massachusetts — a closing attorney who once worked with loan officers — could come to their aid. State Senator Scott Brown, a Republican, on Tuesday won the open Senate seat created by the death of Sen. Ted Kennedy (D-Mass.) "He understands how things work," said Marc Savitt, president of the National Association of Independent Housing Professionals. A spokeswoman for Mr. Brown confirmed that he has worked as a closing attorney but said it is too early for him to start talking about where he stands on such issues as the Consumer Financial Protection Agency, and tighter regulation for loan officers and loan brokers. Still, some mortgage brokers are optimistic on the possibilities. "It certainly can't hurt that he used to do closings," said Mr. Savitt. Richard Shapiro, principal in Asset Mortgage Group of Natick, Mass., said he has not closed loans with Mr. Brown but said one of his staffers has. "He's a small local guy," he said of Mr. Brown. Mr. Shapiro said he is hopeful that if Mr. Brown becomes a member of the Senate Banking Committee he might be able to help brokers with some of the hefty licensing fees they are now being charged.