Tag Archive: "Massachusetts"
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Massachusetts Updates Mortgage Licensing Provisions
Effective immediately the Massachusetts Division of Banks has updated the provisions of 209 CMR 41 in order to clarify and reduce reporting requirements in part due to the NMLS.
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Massachusetts Adopts Truth in Lending Provisions
Massachusetts has adopted provisions under its Truth in Lending Act. These amendments are effective as of August 26, 2016.
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Massachusetts Amends Community Investment Provisions
Massachusetts has recently amended its statutory provisions relating to Mortgage Lender Community Investment. The amendments are effective as of July 29, 2016.
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Massachusetts Adopts Provisions Regarding Unfair and Deceptive Acts and Practices in Consumer Transactions
Effective immediately, the Massachusetts Office of Consumer Affairs and Business Regulations has adopted revisions to 209 CMR 40.00 in order to bring Massachusetts regulations regarding Unfair and Deceptive Practices in Consumer Lending in line with their counterpart Federal regulations. The primary revisions affect High Cost Mortgage Disclosures, High Cost Mortgage Limitations, and Prohibited Practices in […]
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Massachusetts Amends Provisions Clearing Titles to Foreclosed Properties
By Laura Eckstein, J.D.December 2, 2015 Massachusetts amended provisions clearing title to foreclosed properties and foreclosure sales involving an arm’s length purchaser. These provisions are effective December 31, 2015.M.G.L. c. 244 § 15The amendments to chapter 244 of the General Laws strike out section 15 as appearing in the 2014 Official Edition, and add subsections […]
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Massachusetts Updates Flood Insurance Regulations
By Margaret Wright, J.D.September 15, 2015 Massachusetts has finalized the recent amendments to 209 CMR 57 regarding the required purchase of flood insurance by a purchaser or owner of residential property located in a designated special flood area. These amendments are in effect as of September 11, 2015.Limitations on Required Flood InsuranceThe regulation places restrictions […]
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Massachusetts Updates Truth in Lending Regulations
By Margaret Wright, J.D.The Code of Massachusetts Regulations Truth in Lending section (209 CMR 32) has recently been amended to align to recent Federal Regulation Z updates. Many states, including Massachusetts, have adopted their own Truth in Lending regulations as permitted to do so where the regulations are substantially similar to Regulation Z and adequately […]
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Massachusetts Amends Debt Collector and Third Party Loan Servicer Laws
by: Margaret WrightMassachusetts’s “Conduct of the Business of Debt Collectors and Loan Servicers“, 209 CMR 18, has been amended in order to further clarify and establish standards of conduct for debt collectors and third party loan servicers. Summarized below are the key amendments effective as of October 11, 2013. Third Party Loan Servicer Amendments Mortgage […]
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Massachusetts Division of Banks Revises Examination Procedures
by: Marissa Aquila Blundell, Esq.On April 1, 2013, the Massachusetts Division of Banks (DOB) began to utilize revised examination procedures as part of its non-depository supervision program. The DOB has aligned its examination process with the procedures the Consumer Financial Protection Bureau (CFPB) uses to determine compliance with federal regulations during the mortgage origination process. […]
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Massachusetts Division of Banks Issues Loan Modification Guidance
by: Anna DeSimone Guidance Relative to Residential Mortgage Loan Modifications for Non-Delinquent Borrowers and Troubled Debt Restructuring (TDR) December 27, 2012 the Massachusetts’ Division of Banks issued guidance in response to industry inquiries relative to the classification of the modification of a residential mortgage loan as a troubled debt restructuring (TDR) when the value of […]