In This Issue:
• Federal Issues
• State Issues
• Firm News
• Criminal Enforcement Action
Excerpt of State Issues:
Massachusetts Passes Regulation for Reverse Mortgages. On October 14, a new Massachusetts regulation establishing requirements for reverse mortgage programs will become effective. Under the regulation, a mortgage servicer can give a reverse mortgage loan to only someone who has affirmatively opted in after receiving counseling from an approved third party. Additionally, any mortgagee (including federal lenders) that wants to offer reverse mortgage loans in Massachusetts must be approved by the Commissioner of Banks. The regulation includes a copy of the required Opt in Form.
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