Thursday, October 25, 2007

New Mortgage Broker Regulations

Attorney General Martha Coakley has issued new regulations for mortgage brokers, amending 940 CMR 8. According to her site, the regulations prohibit "certain unfair and deceptive advertising practices used by some mortgage lenders and brokers," and "expand the scope of previous home improvement loan regulations to apply to all mortgage loans and to prohibit a number of practices used in recent years by some lenders and brokers, which have contributed to the current foreclosure crisis." The amendments "shall be effective on November 15, 2007, except that the provisions of Section 8.05 (requiring new disclosure forms) shall be effective on January 2, 2008. " These and all other Massachusetts regulations available on the web are linked from our Code of Mass. Regulations pages.