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This opinion was issued in the fourth quarter of 1998.
Mass. Gen. Laws chapter 167E, section 6, paragraph 4 governs the procedure by which state-chartered banks may revise the terms of mortgage loans. Said paragraph 4 authorizes a state-chartered bank to revise the terms of an existing note and mortgage at the request of the borrower, provided that the unpaid principal balance does not exceed the certain percentage value of the mortgaged property required for one of the classes of mortgage loans authorized under section 2 of chapter 167E. Paragraph 4 requires that the value of the property be certified in accordance with M.G.L. c. 167E § 6(2), which requires that at least two members of the mortgage loan committee or board of the bank, or two officers of the bank approved by the loan committee or board, shall certify in writing the value of the property. Such value may be based on a signed, written appraisal by an appraiser approved by the committee or the board.