The State Organization Index provides an alphabetical listing of government organizations, including commissions, departments, and bureaus.
Top-requested sites to log in to services provided by the state
This is an unofficial version of Commonwealth regulations and is posted here for the convenience of the public. It is not an official statement of the regulations.
The following definitions apply to 209 CMR 57.00 and the notice prescribed under 209 CMR 57.05:
Commonwealth means the Commonwealth of Massachusetts.
Creditor means a person or entity that holds or controls, partially, wholly, indirectly, directly or in a nominee capacity, a mortgage loan securing a residential property, including, but not limited to, an originator, holder, investor, assignee, successor, trust, trustee, nominee holder, Mortgage Electronic Registration System or mortgage servicer, including the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; provided that “creditor” shall also include any servant, employee or agent of a creditor; and provided, further, that the Massachusetts Housing Finance Agency and the Massachusetts Housing Partnership Fund established in St. 1966, c. 708 and in St. 1985, c. 405, § 35 respectively, shall not be a creditor.
Creditor’s Representative means a person who has the authority to negotiate and approve the terms of and modify a mortgage loan, or a person who, under a servicing agreement, has the authority to negotiate and approve the terms of and modify a mortgage loan.
Designated Loan means a mortgage loan secured wholly or partially by a mortgage on residential property located in a special flood hazard area and for which the sale of flood insurance is available under the National Flood Insurance Act of 1968 (42 U.S.C. §§4001through 4131).
Division of Insurance means the Division of Insurance, including the Commissioner of Insurance, established under M.G.L. c. 26, § 1.
Flood shall have the same meaning as set forth under the Federal Emergency Management Agency’s National Flood Insurance Program Standard Flood Insurance Policy Dwelling Form.
Full Value means the maximum amount of credit available to the borrower under the terms of the home equity line of credit agreement.
Insurance Producer means an insurance producer as defined under M.G.L. c. 175, § 162H.
Mortgage Loan means a loan to a natural person made primarily for personal, family, or household purposes secured wholly or partially by a mortgage on residential property.
National Flood Insurance Program means the flood insurance program established under the National Flood Insurance Act of 1968 (42 U.S.C. §§ 4001 through 4131).
Notice About Flood Insurance Coverage means the written notice prescribed under 209 CMR 57.05 including such information as required under the notice by 209 CMR 57.00.
Principal Mortgage Balance means the portion of the original mortgage loan that remains unpaid, which does not include accrued interest or any other charges.
Residential Property means real property located in the Commonwealth, on which there is a dwelling house with accommodations of 4 or fewer separate households and occupied, or to be occupied, in whole or in part by the obligor on the mortgage debt.
Special Flood Hazard Area means the area in the flood plain within a community having at least a 1 percent chance of flooding in any given year, as designated by the Director of the Federal Emergency Management Agency.
You means any association or corporation chartered by the Commonwealth under the provisions of M.G.L. chs. 168, 170, 171, or 172 or by similar authority of any state of the United States other than the Commonwealth; a national banking association, savings and loan association, or savings bank which exists by authority of the United States; a credit union organized under the provisions of the Federal Credit Union Act; a mortgage lender licensed under M.G.L. c. 255E, § 2; or any other creditor or creditor’s representative.
a. is at a coverage amount exceeding the outstanding principal mortgage balance at the beginning of the year that the flood insurance policy shall be in effect and, in the case of a home equity line of credit, home equity loan, or second or subsequent mortgage, the full value of the credit line, outstanding principal on the equity loan, or second or subsequent mortgage on that property at the beginning of the year that the flood insurance policy shall be in effect;
b. includes coverage for contents; or
c. includes a deductible of less than $5,000.
This Notice is being provided by your:
__ Creditor’s Representative:
In this Notice, the term ‘we’ refers to your creditor or creditor’s representative.
We have determined that the above address is located in a special flood hazard area. As a result, we are requiring that you purchase a minimum level of flood insurance on the property. This Notice provides important information about what protection this insurance will and will not provide.
You should contact a licensed insurance professional to purchase required flood insurance on this property, and to determine if additional coverage is appropriate for your circumstances.
Please retain a copy of this Notice because it contains important information about your flood insurance coverage.
ACKNOWLEDGMENT OF RECEIPT
The undersigned acknowledges receipt of a copy of the above Notice About Your Required Flood Insurance Coverage.
Borrower’s Signature Date