Selected Opinions regarding Mortgages: Lenders and Brokers: 98-271 through 97-118

The publication of these Selected Opinions, as well as the previously issued Annual and Quarterly Digests, is part of the Division's ongoing effort to continue to improve its communication with all those who have a vested interest in the financial services industry. Through these Selected Opinions and Digests, the Division offers its perspective on current issues and questions in the financial services industry. As always, requests for opinions from the Division must be addressed directly to the Commissioner of Banks, Massachusetts Division of Banks, 1000 Washington Street, 10th Floor, Boston, MA 02118-6400 and must include a statement of all relevant facts, cites to applicable statutes and regulatory documents and an analysis of those materials supporting your position. The Division acknowledges receipt of opinion requests by assigning each a number. Any subsequent inquiries to the Division about an opinion request should refer to this opinion number.

Licensing Requirements For Employees Of Real Estate Association - Q1 1999

Applicability of Debt Collection Licensing Requirements To Mortgage Lender/Servicer Which Retains A Portion Of The Loan - Q1 1999

Authority Of Mortgage Broker To Issue A Conditional Approval Letter - Q1 1999

Open-End And Closed-End Second Mortgage Loans - Q4 1998

Truth-In-Lending Requirements - Q4 1998

Lenders Requiring Casualty Insurance Binders Which Guarantee Full Replacement Cost Of A Property Being Mortgaged - Q4 1998

Exemption From Licensing Requirement For Account Executives Performing Business Activities From Home - Q1 1999

Permissibility Of Lender Selecting The Method Of Simple Interest Amortization Used To Service Second Mortgages - Q1 1999

Licensing And Education Requirements For Mortgage Brokers And Lenders - Q4 1998

Federal Preemption Of State Law Concerning Prepayment Penalties For Mortgage Loans - Q3 1998

General Mortgage Lender Licensing Requirements - Q4 1998

Permissibility To Offer A Personal Checking Account Containing A "Sweep" Feature - Q1 1999

Licensing Requirements For Mortgage Loan Servicers - Q4 1998

Prepayment Penalties For Second Mortgages - Q3 1998

Licensing Requirements For Entities Engaging In Brokering Activities With Home Improvement Contractors - Q4 1998

Liability Of Officers Providing Personal Financial Information In Relation To Their Employer's Mortgage Lender Application - Q4 1998

Licensing Requirements For Entities Providing Foreclosure Alternatives To Residential Borrowers - Q4 1998

Attorney's Fees Relating To A Mortgage Closing Included In The APR Calculation - Q3 1998

Third-Party Document Preparation Companies - Q3 1998

Exemptions From The Requirement That Mortgagees Pay Interest On Tax Escrow Accounts - Q3 1998

Availability Of Monies Due At The Time Of Closing And Recording - Q3 1998

Licensing Requirements For Wholly-Owned Subsidiaries Of Out-Of-State, State-Chartered Banks - Q3 1998

Licensing Requirements For Entity Providing Telemarketing Services For A Licensed Mortgage Lender - Q4 1998

Permissibility Of Licensed Mortgage Lender Using Employee Management Or Leasing Company To Manage Personnel Details - Q3 1998

Ability Of Licensed Mortgage Broker To Do Business With Its Mortgage Lender Parent Company - Q3 1998

Exemptions From Mortgage Lender Licensing Requirements For Federal Credit Unions; Borrower Creditworthiness - Q3 1998

Mortgage Lender And Collection Agency Licensing Requirements For Purchasers of Pre-Existing Mortgages - Q3 1998

Permissible Fees and Penalties - Q3 1998

Exemptions From Mortgage Lender & Broker Licensing Requirements For Wholesale Mortgage Bankers - Q3 1998

Notifying Mortgage Review Board Of Pre-Qualification Application Rejections - Q4 1998

Mortgage Loan Closing Procedures And Requirements; Permissibility To Access Home Equity Lines of Credit Through ATM Or Credit Cards - Q3 1998

Foreign Corporation's Use Of "Bank" As Part Of Name When Doing Business in Massachusetts - Q2 1998

Commercial Mortgage Lending - Q2 1998

Exemptions From Mortgage Lender Licensing Requirements - Q2 1998

Mortgage Brokers Prohibited From Providing Truth-In-Lending Disclosures - Q2 1998

Exemption From Licensing Requirements For Banks - Q2 1998

Limitations On Mortgage Loan Prepayment Penalties - Q2 1998

Licensing Of Employees Of A Licensed Mortgage Lender Who Also Are Employed By An Affiliate Securities Firm - Q3 1998

Disclosure Requirements For Brokers' Points - Q2 1998

Originating Loans Secured By First Liens On Residential Manufactured Homes - Q3 1998

Permissibility Of Broker Providing Adverse Action Notices On Behalf Of Lender - Q3 1998

Licensing Requirements For Financing Manufactured Homes - Q2 1998

Licensing Requirements For Mortgage Lenders Affiliated With Federally-Chartered Savings Banks - Q2 1998

Prepayment Penalties On Residential Mortgage Loans Originated In Massachusetts - Q2 1998

Exemption From Licensing Requirements For Non-Profit Corporations - Q1 1998

Mortgage Lender's Ability To Offer Insurance - Q2 1998

Licensing Of Loan Production Offices - Q1 1998

Use Of License Number In Advertisements - Q1 1998

Mortgage Licensee's Use Of Trade Name - Q1 1998

Licensing Requirements For Mortgages That Are "Table Funded" - Q2 1998

Mortgage Broker Acting As Real Estate Broker - Q1 1998

Mortgage Broker Or Lender License Not Required For Mobile Home Loans - Q1 1998

Regulation Z And Disclosure For Variable Rate Mortgage Loans - Q1 1998

Licensing Requirements For Stockbrokers Acting As Referrals To Mortgage Lender - Q1 1998

Record Retention For Closed, Withdrawn, And Denied Mortgage Loans - Q1 1998

Internet Mortgage Lender Activity - Q1 1998

Advertising Material - Q1 1998

Permissibility Of A Non-Bank Entity Displaying Signs Indicating That Financing Is Available Through A Particular Bank - Q4 1997

Number And Types Of Disclosures To Prospective Applicants - Q1 1998

Licensing Requirements For Seller-Financed Mortgages - Q4 1997

Restrictions On Out-Of-State Banks Soliciting Mortgage Loans In Massachusetts - Q4 1997

Licensing Requirements For The Purchase Of Home Improvement Installment Contracts Secured By A Second Mortgage - Q3 1998

License Requirements For Entities With Exclusivity Contracts - Q4 1997

Licensing Exemptions For Mortgage Lenders - Q4 1997

Licensing Requirements For Referring Debtors to Mortgage Companies - Q4 1997

Notification Of Change Of Ownership Of A Licensed Mortgage Lender Or Broker - Q4 1997

Maximum Annual Percentage Rate (APR) & Other Limitations Affecting Mortgage Lenders & Brokers - Q4 1997

Licensing Requirements For Investors In The Secondary Market - Q4 1997

Mortgage Lender Licensing Requirements For Mortgage Bankers Regulated By Another State - Q4 1997

Mortgage Brokers And Lenders Licensing Exemption Q4 1997

Permissibility Of Mortgage Brokers Offering An Appraisal Voucher - Q4 1997

Mortgage Lender Licensing Requirements For Bank Holding Company Subsidiaries - Q3 1997

License Requirements For Commercial Loan Brokers - Q4 1997

Offering Credit Life Insurance Products - Q4 1997

Limitations On The Revision Of Terms On Existing Mortgage Loans - Q3 1997

Finance Charge Limitations For Home Equity Lines Of Credit - Q3 1997

Requirements For Corporate Name Change - Q3 1997

License Requirements For Persons Offering Mortgage Reduction Programs - Q3 1997

Confidentiality Of Lender License Applications - Q3 1997

Revising A Mortgage Loan From A Fixed To An Adjustable Rate - Q3 1997

Licensing Requirements To Make Construction Loans & Rehab Property Loans - Q3 1997

Fee Disclosure Mortgage Loan - Q3 1997

Retaining Proof Of Mortgage Disclosures - Q3 1997

Mortgage Brokers Providing Disclosures On Behalf Of Mortgage Lenders - Q3 1997

Mortgage Lender and Broker License Number Disclosure On Signs - Q3 1997

Interest Payment Requirements On Mortgage Escrow Accounts - Q3 1997

Copies of past opinions may be obtained for a fee from the Division's Consumer Assistance Unit at (617) 956-1502, and must be paid for by check. The Division's Regulations, found in the Code of Massachusetts Regulations (CMR - agency code number 209), are available through the State House Bookstore, State House Room 116, Boston, Massachusetts, 02133. Please contact the bookstore directly for prices at (617) 727-2834.