By the Division of Banks
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, ยง 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.