Massachusetts Mortgage
Massachusetts Division of Banks - Fair Lending Examinations - Licensed Mortgage Lenders
E xaminers will interview mortgage originators and any other personnel to determine if consumers are treated in a fair and equitable manner. These interviews will also assist in determining if the credit application process is in compliance with applicable laws and regulations. Examiners will also note any potential high-risk areas or weaknesses of the licensed mortgage lender. The licensed mortgage lenders’ training policies and materials as well as compensation for employees or agents will be subject to review. The Division will also assess the licensed mortgage lenders’ advertising and marketing practices and techniques. The loan file review will analyze underwriting practices as well as factors involved with loan pricing, credit scoring, and loan terms and conditions. The examiners may conduct side by side file reviews which will encompass originated loans and denied applications as well as foreclosure activity and exceptions to policy. In addition, at the discretion of the Divisi ... [Read More]
First Alliance Mortgage Company
The People of The State of California, The State of Arizona, The State of Florida, The Commonwealth of Massachusetts, The People of the State of Illinois, and The New York State Banking Department, Plaintiffs, v. First Alliance Mortgage Company, et al., Defendants; In re: First Alliance Mortgage Company, et al., Debtors; Federal Trade Commission, Plaintiff, v. First Alliance Mortgage Company, et al., Defendants; and Frank and Nicolena Aiello, et al., Plaintiffs, v. First Alliance Mortgage Company, et al., Defendants. ... [Read More]
Massachusetts Division of Banks - Applications
Mortgage Companies, including mortgage lenders and mortgage brokers **Finance Companies, including small loan companies, insurance premium finance companies, motor vehicle finance companies, and retail installment finance companies ** Debt Collectors ** Loan Servicers ** Check Cashers ** Money Transmitters, including foreign transmittal agencies and check sellers ... [Read More]
Massachusetts Division of Banks - Selected Opinion
Dear Mr. Kiley: This letter is in response to your correspondence dated March 16, 2005 to the Division of Banks (the "Division") on behalf of the member banks of the Massachusetts Bankers Association, Inc. (the "Association"). The specific issue raised in your letter concerns the authority for state-chartered banks to make adjustable rate mortgage loans ("ARMs") under the provisions of Chapter 461 of the Acts of 2004 (the "Act"). Several provisions of the General Laws governing state-chartered banks were modernized by the Act including chapter 167E of the General Laws applicable to mortgages and loans. The complete rewriting of said chapter 167E was based primarily on a legislative recommendation of the Division. Prior to the passage of the Act, state-chartered banks had the authority to make ARMs under two provisions of the then existing chapter 167E. Since the early 1980s authority for ARMs was set out in paragraph 10 of subsection B of secti ... [Read More]
Local Homebuying Programs - HUD
In addition to HUD's mortgage insurance programs, there may be programs sponsored by your state or local government or other organizations. Select the state that interests you: ... [Read More]
First Alliance Mortgage Company Settlement
If you obtained a home mortgage loan from First Alliance Mortgage Company between January 1, 1992 and March 23, 2000, and did not settle with the company, you may be eligible to collect money as part of a proposed Class Action Settlement between First Alliance and its affiliates, officers and certain employees and the Federal Trade Commission, the States of Arizona, California, Florida, Illinois, Massachusetts, and New York, AARP, and various individual borrowers. ... Not all loans or lenders are created equal. For example, certain home mortgage lenders target homeowners who have low incomes or credit problems or who are elderly – and then take advantage of them by using deceptive practices. ... [Read More]
HUD in Massachusetts
Appraisal - an estimate of a property's fair market value; an appraisal is generally required by a lender to make sure that a mortgage amount is not more than the value of the property. Visit our Homeownership page. ... [Read More]
Welcome to MCAD
The Massachusetts Commission Against Discrimination's (MCAD's) mission is to ensure equality of opportunity by enforcing the Commonwealth's anti-discrimination laws in employment, housing, public accommodations, credit, mortgage lending, and education. Established by Massachusetts General Law Chapter 151B, Section 3 , the Commission enforces General Law Chapter 149, Section 105D , Chapter 151B , Chapter 151C , Chapter 272, Section92A, ... [Read More]
HUD Reverse Mortgage Housing Counselors List
Welcome to the listing of HUD-approved agencies that provide Home Equity Conversion Mortgage (HECM) Counseling! HUD funds housing counseling agencies throughout the country who can give you advice on reverse mortgages. Just contact the agency nearest to you from the list below, or call (800) 569-4287. ... HUD Reverse Mortgages ... Homeowners with problems that could result in default of their mortgage or foreclosure on their property are encouraged to contact a HUD-approved housing counseling agency immediately. ... [Read More]
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