| Date: | 10/01/1997 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 97-226 |
This opinion was issued int he fourth quarter of 1997.
- This page, Summary of Selected Opinion 97-226, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 97-226
Table of Contents
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 Massachusetts Gen. Laws chapter 171, § 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.