Alert February 26, 2008

Massachusetts Requests Comments on CRA Regulations for Licensed Mortgage Lenders

The Massachusetts Division of Banks has requested comments on regulations to be issued implementing a new requirement that imposes Community Reinvestment Act requirements on licensed mortgage lenders. Comments are being requested on (1) the applicability of the current CRA regulations to the activities of licensed mortgage lenders; (2) what evaluation criteria in the current CRA regulations would not be applicable in the review of licensed mortgage lenders; (3) what additional criteria should be considered in evaluating a licensed mortgage lender’s performance in meeting the mortgage loan credit needs of communities; and (4) the means by which the Division of Banks should assess mortgage lenders’ performance in meeting the mortgage credit needs of communities in Massachusetts. Comments must be submitted by March 3, 2008. Click here for a copy of the request.