Mortgage Lending Committee

MCBC’s Mortgage Lending Committee brings together financial institutions, housing advocates and city and state officials to work to expand homeownership opportunities for low- and moderate-income homebuyers and to sustain home ownership in low- and moderate-income neighborhoods.  This year, the Committee continued its collaboration with the Massachusetts Housing Partnership (MHP) Fund to track the quarterly performance of the SoftSecond ™ Mortgage Program in an effort to identify ways that banks and community organizations can work together to avoid SoftSecond foreclosures.  As of September 30, 2011, the delinquency rate for SoftSecond loans was 5.96 percent, as compared to 4.80 percent for all Massachusetts prime, fixed-rate mortgage loans and 8.13 percent for all Massachusetts mortgage loans.

In May 2011, the Committee released a report on consumer protections, issues and practices relative to reverse mortgage lending in Massachusetts.  In December 2011, the Committee released Changing Patterns XVIII, MCBC’s annual report on mortgage lending patterns.  The report provides analyses of lending patterns in the city of Boston, Greater Boston and Massachusetts in 2010, as well as for the state’s thirty-three largest cities and towns.  In addition to the data in the report, MCBC is also providing data on all Massachusetts cities and towns in a set of on-line tables.  Both the reverse mortgage lending report and Changing Patterns are available in the Publications section of this website.

2010-2011 Agenda Issues:

• SoftSecond™ Mortgage Program Delinquency Report (quarterly review)
• Changing Patterns: Findings and Next Steps
• Federal Reserve Bank of Boston reports
• Reverse Mortgages
• HomeSafe Program
• SUN Initiative
• On-line Homebuyer Counseling
• Housing finance system reform
• CRA Lending and Service Tests

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