State-Chartered Credit Union Authority To Offer Mortgage Loans Funded, Underwritten And Closed In The Name Of A Third Party
It is the position of the Division of Banks that a state-chartered credit union has the authority to make real estate mortgage loans under the provisions of Mass. Gen. Laws chapter 171, § 65. The authority to make mortgage loans available to members through a third party lender would be included in the credit union's authority to make mortgage loans. The credit union's authority to conduct such activities is clearly a lesser included power related to its mortgage lending authority.