|Organization:||Division of Banks|
|Referenced Sources:||209 CMR 42.00|
To the Chief Executive of the Institution Addressed:
The purpose of this letter is to remind all banks, credit unions, and licensees engaged in mortgage lending activity of certain requirements and expectations regarding mortgage rate-lock commitments. Over the last several years, both consumers and the mortgage lending industries have enjoyed the advantages of a low interest rate environment. The high volume of applications for purchase or refinance mortgages may result in delays in processing applications. The following guidance is addressed to the various industries under the supervision of the Division of Banks (Division).