BNY Mortgage Co. LLC, a unit of Bank of New York Co., said it has obtained approval from the Massachusetts Division of Banks to originate a Fannie Mae reverse mortgage in the state.

BNY said it is the first residential lender to win approval to originate these mortgages in Massachusetts. The Reverse Mortgage Loan Act of November 1998 requires lenders to submit proposals for making reverse mortgage loans to the state Division of Banks.

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