Massachusetts laws
MGL c.183, § 61 Escrow and interest on escrow accounts
MGL c.184, § 17B Mortgage loan application; required statements and information
MGL c.184, § 17B 1/2 Variable or adjustable-rate subprime loans for first-time home loan borrowers
MGL c.255E Licensing of certain mortgage lenders and brokers
MGL c.266, § 33 Larceny; false pretenses relating to contracts, banking transactions or credit
MGL c.266, § 34 Larceny; inducement to part with property
MGL c.266, § 35A False material statements or omissions during or in connection to mortgage lending process
MGL c.277, § 62C Jurisdiction over violations of § 35A of chapter 266
Massachusetts regulations
209 CMR 41 Licensing of mortgage loan originators
209 CMR 42 Licensing of mortgage lenders and mortgage brokers
209 CMR 54 Mortgage lender community investment
940 CMR 8 Mortgage brokers and mortgage lenders
Defines prohibited unfair and deceptive advertising practices and "expand[s] the scope of previous home improvement loan regulations to apply to all mortgage loans."
Selected case law
Bank of New York Mellon vs. Timothy Morin & others, 96 Mass. App. Ct. 503 (2019)
Reversed summary judgment in favor of plaintiff bank, over issues of material fact including whether foreclosure protections applied and if the lender took all reasonable steps to avoid the action.
Thornton vs. Thornton, 97 Mass. App. Ct. 694 (2020)
A “payable on demand” mortgage without reference to a maturity date remained enforceable for thirty-five years from the recording date. Expiration of a statute of limitations is no bar to recovery under a mortgage, so long as the underlying debt remains unpaid.
Wells Fargo Bank v. Comeau, 92 Mass. App. Ct. 462 (2017)
Provides extensive discussion of the doctrine of equitable subrogation.
Web sources
Homebuyer glossary, MassHousing.com.
Understand the terms as you make your way through the home buying process.
Loans and mortgages, Mass. Division of Banks.
Learn more about lending products and services that may be available to you in Massachusetts, including pay day loans, pawn brokers, adjustable-rate loans, debt collection and more.
Mortgages, Consumer Financial Protection Bureau.
Learn about how to get a mortgage, understanding statements, what to do if you have trouble paying, know your rights, and how to file a complaint. Includes definitions of key words.
Mortgages and assignments, Lowell Registry of Deeds.
Explains how mortgages are recorded and the difference between a mortgage and a promissory note.
Nationwide mortgage licensing system, Conference of State Bank Supervisors.
"The Nationwide Mortgage Licensing System (NMLS) is a web-based system that will allow state licensed mortgage lenders, mortgage brokers, and loan officers to apply for, amend, update or renew a license online for all participating state agencies using a single set of uniform applications." Verify a financial service provider here.
Print sources
Consumer law, 4th ed. (Mass Practice v.36A), Thomson Reuters, 2021 with supplement.
Sections 28:41 Required disclosures for all mortgage loans and 28:42 Counseling of certain subprime borrowers.
Lender liability law and litigation, Matthew Bender, loose-leaf.
Mortgage lending, NCLC, 2019.
Real estate law with forms, 5th ed., (Mass. Practice v.28-28B), Thomson West, 2016 with supplements, Chapter 9 Mortgages.
Contact
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| Last updated: | September 26, 2022 |
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