Mortgage Lending Reports
In its eighteenth annual report on mortgage lending patterns, the Massachusetts Community & Banking Council (MCBC) confirms a major shift in the mortgages provided to Massachusetts homebuyers. In the wake of the implosion of the subprime mortgage industry, high-cost subprime lending has almost disappeared, while government-backed lending has grown dramatically.
Changing Patterns XVIII: Mortgage Lending to Traditionally Underserved Borrowers & Neighborhoods in Boston, Greater Boston and Massachusetts, 2010 provides analyses of lending patterns in the city of Boston, Greater Boston and Massachusetts in 2010, as well as for each of 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. Changing Patterns XVIII was prepared for MCBC by Jim Campen, professor emeritus of economics at UMass Boston.
- Requirements for reverse mortgage industry participants
- Suitability standards, fiduciary duties, fees and compensation
- Cross-sell restrictions
- Lump sum payouts
- Counseling requirements
- Taxes and insurance
- Data collecting and reporting
This report, prepared for MCBC by Bonnie Heudorfer, is a result of that work. The report is organized around the seven issue areas identified by the Working Group. In addition, it describes the existing regulatory framework that governs reverse mortgage lending in Massachusetts. It also details the significant changes that have occurred relative to the regulation of the mortgage industry in general and the reverse mortgage industry in particular in 2010. The final section of the report offers conclusions and suggested next steps.
Past Reports: