By the Division of Banks

Implementing Chapter 206 of the Acts of 2007, An Act Protecting and Preserving Home Ownership

The Division of Banks is currently implementing legislation that is designed to offer much needed relief to existing homeowners and ensure the necessary legal and regulatory framework is in place to prevent the ongoing occurrence of the mortgage-related issues the Commonwealth is dealing with today. This legislation for protecting and preserving home ownership is another important step in addressing the subprime lending crisis and preventing future abuses in mortgage lending. Some of the key provisions of the law include: monitoring and analyzing foreclosure activity patterns in Massachusetts, improving oversight and monitoring of certain mortgage lenders, requiring loan originators to be licensed by the Division of Banks, extending $2 million in grants to establish 10 education centers around the Commonwealth and promote first-time homebuyer and foreclosure counseling, and prohibiting a subprime adjustable rate mortgage for first-time homebuyers unless they a) affirmatively opt into a subprime adjustable rate product, and b) get in-person counseling from a certified counselor. This legislation is a comprehensive effort to provide borrowers with the educational information they need before entering into a mortgage. It also ensures that the standards that honest lenders already meet are followed by the entire lending industry. Check the links below for further information.

2011 Foreclosure Trends Repor pdf format of 2011 Foreclosure Trends Report

2010 Foreclosure Trends Repor pdf format of 2010 Foreclosure Trends Report
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Compendium of Actions Taken Relative to Foreclosures and the Mortgage Industry pdf format of Compendium of Actions Taken Relative to...
Boston, June 30, 2009 - On the eve of the one year anniversary of mortgage loan originator licensing in Massachusetts, the Division of Banks issued a "Compendium of Actions Taken Relative to Foreclosures and the Mortgage Industry". The Compendium summarizes the efforts of the Division to implement Chapter 206 of the Acts of 2007 as well as other efforts to protect consumers, create higher industry standards, enhance supervision and enforcement of the mortgage industry, and improve local partnerships with State and municipal agencies.

Governor Patrick Signs SAFE Act Legislation (July 31, 2009)

Divison of Banks Makes Web-Based Foreclosure Database Available to Public (January 7, 2009)

Opinion on exemption for certain nonprofits from mortgage licensing statutes (July 17, 2008)

Opinion on Loan Modification and Protecting Lien Status (June 25, 2008)

Public Hearing on 209 CMR 54.00: Mortgage Lender Community Investment and Proposed Regulation 209 CMR 54.00 (June 25, 2008)

Governor Calls for First in Nation Lender Standards (May 30, 2008)

209 CMR 41.00 and amendments to 209 CMR 42.00 - effective May 30, 2008 (May 29, 2008)

Joint Public Hearing with Administration and Finance on 801 CMR 4.02, Relative to Required Mortgage Loan Originator Education Courses under Chapter 206 - May 28, 2008 (May 5, 2008)

Public Hearing on 209 CMR 41.00: Licensing of Mortgage Loan Originators, and Amendments to 209 CMR 42.00 (April 7, 2008)

Proposed Regulation 209 CMR 41.00 pdf format of Proposed Regulation 209 CMR 41.00 - April 4, 2008
(April 4, 2008)

Proposed Regulation 209 CMR 42.00 pdf format of Proposed Amendments to 209 CMR 42.00 - April...
(April 4, 2008)

Governor Patrick Announces $2 Million in Grants for Statewide Foreclosure Assistance and Prevention Efforts (April 3, 2008)

Industry Letter Regarding Regulatory Bulletin 1.1-105: Educational Requirements for Mortgage Loan Originators (March 28, 2008)

Updated Regulatory Bulletin 1.3-104 Subprime Adjustable Rate Mortgage Loans To First Time Home Loan Borrowers (March 12, 2008)

Division Seeks Comments on CRA Requirements for Mortgage Lenders (February 11, 2008)

DHCD Now Soliciting RFPs for First-time Homeowner and Foreclosure Prevention Assistance Services (February 6, 2008)

Chapter 206 FAQs (February 1, 2008)

Industry Letter - Regulatory Bulletin 1.3-104 Counseling And Opt-In Requirements For Subprime ARMs (January 30, 2008)

Counseling Agencies Certified by DOB (January 25, 2008)

Letter to Nonprofit Agencies Concerning Elimination of Licensing Exemption (January 10, 2008)

Foreclosure Prevention Legislation (November 30, 2007)

Chapter 206 of the Acts of 2007, An Act Protecting and Preserving Home Ownership

See also Chapter 224 of the Acts of 2007, An Act Relative to the Licensing of Mortgage Loan Originators