reglab/statecodes huggingface dataset:
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › APPRAISAL GUIDELINES › Section 21.55 - Individual Structures

Current through Register 1525, July 5, 2024
The basic question to be answered by property appraisals is if the Borrower fails to repay the Mortgage Loan, can the Seller, in the future, sell the structure for a price equal to the amount of the unpaid Mortgage Loan. In evaluating individual structures the appraiser shall take into consideration the following:
(1) One of the major purposes of MHMFA is to stimulate rehabilitation and improvement of older urban housing. Therefore, Sellers are encouraged to include amounts in the Mortgage Loans for needed repairs (MHMFA will purchase Loan Participations in Mortgage Loans before these repairs are complete if required Primary and/or Mortgage Pool Insurance is obtained and if the Seller escrows amounts sufficient to complete the repairs.) If applicable, the appraiser should provide supplementary appraisal information including a list and estimates of needed repair work.
(2) Estimates concerning remaining economic life of the property should be based on physical and structural considerations not neighborhood or environmental factors.
(3) Older well-maintained or rehabilitated structures may have an economic life equal to new construction.
(4) Since older urban neighborhoods contain most of the Commonwealth's two to four unit structures, underwriting standards different than those used for single family units tend to increase the difficulty in obtaining financing in these areas. Since all MHMFA Loan Participations in Mortgage Loans will be for structures that are owner-occupied the same appraisal standards and restrictions will apply to all 1 to 4 unit structures. The only exception will be to consider a reasonable portion of rental income on multi-unit structures in determining the mortgage amount an applicant can afford.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › APPRAISAL GUIDELINES › Section 21.56 - Valuation

Current through Register 1525, July 5, 2024
The property valuation will be based on the structural condition of the property and comparable values of similar structures. The value may be determined by several factors: the market method which compares the sales price of similar properties; the income method which bases value on the income produced by the property; the replacement method which sets the value at the replacement cost of the house. Each of these methods will be used cautiously and with the objective of improving the housing market in urban areas.
The Seller must exercise judgment in avoiding approval of Mortgage Loans which would obligate the Borrowers to invest more in a property than they could recover from the sale of the property. However, every effort will be made to respond positively to applications for Mortgage Loans to:
(a) make emergency repairs;
(b) bring the property securing the Mortgage Loan into compliance with housing codes, building codes and other health and safety requirements including the removal of lead paint;
(c) increase the efficiency of the structure in conserving energy;
(d) rehabilitate a residential structure in an area where few, if any, other structures have undergone such rehabilitation.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.61 - Amount

Current through Register 1525, July 5, 2024
Seller must deliver Mortgage Loans of which 90% of all the aggregate unpaid principal balance is equal to the Commitment Amount stated in the Notice of Acceptance.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.62 - Delivery Period

Current through Register 1525, July 5, 2024
Seller must deliver Loan Participations in Mortgage Loans in accordance with the schedule established in Section 2.2 of the Loan Participation Agreement.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.63 - Purchase Date and Purchase Amount

Current through Register 1525, July 5, 2024
The Purchase Date is the last business day of each month for all Loan Participations delivered to MHMFA prior to the 20th day of that month.
Seller shall calculate the purchase price of each Loan Participation on the Loan Participation Certificate.
MHMFA will pay to Seller for each Loan Participation purchased as of the Purchase Date:
(a) 90% of the unpaid principal balance of the Mortgage Loan; and
(b) interest calculated at the MHMFA Required Rate accrued on the Mortgage Loan. Accrued interest shall be calculated at the MHMFA Required Rate from the last payment date to the anticipated Purchase Date. Servicer shall remit to MHMFA on the next scheduled remittance date all interest at the MHMFA Required Rate due on the Mortgage Loan including interest equal to the accrued interest paid by MHMFA. All interest calculations shall be based on a 360-day calendar year.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.64 - Compensation to Seller

Current through Register 1525, July 5, 2024
Seller may retain the following as compensation for the origination, sale and servicing of Loan Participations:
(a) an origination fee collectible from the Borrower on the Closing Date in an amount not to exceed 1% of the Mortgage Loan in the case of Mortgage Loans used to finance the purchase of a residential structure and 1-1/2% in the case of a Mortgage Loan used, in whole or in part, to finance the rehabilitation of a residential structure.
(b) if Seller is also Servicer, an annual Servicing Fee equal to three eights of one percent of the outstanding principal balance of the Mortgage Loan collectible from monthly interest payments.
(c) the Adjusted Rate which shall be no more than ten percent of the Conventional Interest Rate established by MHMFA at the time of Bond sale.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.65 - Loan Participation Submissions

Current through Register 1525, July 5, 2024
For each Loan Participation offered for sale, the Seller shall deliver to MHMFA:
(a) an original executed Loan Participation Certificate;
(b) a photocopy of the mortgage note clearly in dictating the MHMFA Loan Participation as follows: A 90% participation interest in this Note and the Mortgage securing this Note has been sold to the Massachusetts Home Mortgage Finance Agency and pledged by the Massachusetts Home Mortgage Finance Agency to New England Merchants National Bank, as Trustee;
(c) Borrower/Seller Questionnaires;
(d) an original of the acceptance by Tiger's Investors Mortgage Insurance Company of the Mortgage Loan for insurance in the Mortgage Pool Insurance Policy for MHMFA;
(e) originals or copies of such other documents from the Loan File as MHMFA may reasonably require.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.70 - Possession of Loan File

Current through Register 1525, July 5, 2024
Seller shall prepare and Servicer shall maintain the entire Loan File (See 761 CMR 22.04)  which must contain originals or photocopies of all documents delivered to MHMFA and such other documents as are customarily maintained in loan files by prudent lenders, investors, and loan servicers including:
(a) Borrower's loan application;
(b) Seller's commitment to borrower;
(c) Factual Data Credit Report;
(d) Income verification;
(e) Appraisal report including one clear photograph of property;
(f) Sales contract and/or schedule of repairs and improvements including specifications and costs;
(g) The mortgage note evidencing the Mortgage Loan with the MHMFA Loan Participation clearly indicated;
(h) Duly executed and properly recorded mortgage;
(i) Title insurance policy or attorney's title opinion;
(j) Hazard Insurance Certificate;
(k) Private Mortgage Insurance Certification (if applicable);
(l) MHMFA Rent Agreement (if applicable);
(m) VA Loan Guaranty or FHA Mortgage Insurance Certification (if applicable);
(n) Borrower's Affidavit of Intent to Occupy the premises as principal residence;
(o) Such other documents as prudent lenders, investors, and loan servicers customarily require.
Loan Files for Mortgage Loans in which Loan Participations are sold to MHMFA shall be kept distinct from non-MHMFA loan files by labeling all such Loan Files so as to clearly identify MHMFA's Loan Participation. The Seller's (or Servicer's) records and books of account shall at all times reflect MHMFA's interest in the Loan Participations and MHMFA shall have access to the Mortgage Loan and books and records pertaining to its Loan Participation at all reasonable times.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 21.00 - Seller's Guide › DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS › Section 21.80 - Questionnaires

Current through Register 1525, July 5, 2024
We are requiring that on or before the Closing Date the Borrower complete the Borrower questionnaire. Completion of the questionnaire is optional for home sellers. However, Sellers are requested to stress the importance of making this data available to MHMFA.
THIS DOCUMENT, THE MHMFA SELLER'S GUIDE, IS TO BE INCORPORATED BY REFERENCE IN AGREEMENTS FOR THE PURCHASE BY MHMFA OF LOAN PARTICIPATIONS AND SHALL REQUIRE NO SIGNATURE FOR ITS OPERATION OR EFFECT BETWEEN A SELLER AND MHMFA.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.01 - Definitions and Construction

Current through Register 1525, July 5, 2024
Definitions of certain terms used in this Guide are set forth in 761 CMR 19.02 of the Statement of Terms and Conditions of the Commitment Application. Wherever in this Guide the Servicer is directed to deliver any notice, document or other communication to MHMFA, Servicer shall also deliver a copy thereof to Seller.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.02 - Loan Servicing Agreement

Current through Register 1525, July 5, 2024
Each sale of Loan Participations to MHMFA shall be evidenced and governed by a Loan Participation Agreement and a Loan Servicing Agreement. The Loan Servicing Agreement sets forth the agreement of Servicer to service the Mortgage Loans sold under a specific Loan Participation Agreement in accordance with the Loan Servicing Agreement and this Servicer's Guide.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.03 - Amendments

Current through Register 1525, July 5, 2024
This Servicer's Guide may be amended or supplemented by MHMFA from time to time by issuance of changed pages, such amendments or supplements to be effective five business days after the date of mailing thereof; provided, however, that no amendment which materially affects the rights and obligations of the Servicer under the Loan Servicing Agreement (except reporting requirements) shall apply to loans delivered or to be delivered under an outstanding Commitment Application without the consent of Servicer.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.04 - Servicing Facilities

Current through Register 1525, July 5, 2024
Servicer must maintain servicing facilities in The Commonwealth of Massachusetts that are staffed with trained personnel to adequately service Mortgage Loans, as determined at MHMFA's sole discretion, in accordance with standards normally employed by private institutional mortgage investors. Servicer's personnel shall be familiar with all regulations and requirements affecting Mortgage Loans serviced for MHMFA including, but not limited to, those insured by FHA or guaranteed by VA.
A Servicer must be a Mortgage Lender which has as one of its principal purposes the servicing of loans secured by real estate mortgages. Such mortgage loan servicing must customarily be part of the Servicer's regular, usual, and normal course of business. An organization which services mortgage loans occasionally or in special circumstances does not come within this definition.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.05 - Loan File

Current through Register 1525, July 5, 2024
Servicer or its agent shall maintain a Loan File for each Mortgage Loan as set forth in 761 CMR 21.70; it shall contain all documents to be held by Servicer, as well as all legal notices, correspondence, forms, reports and results of conversations relating to the Mortgage Loan. The Loan File need not contain form collection letters and form notices to Borrower, provided Servicer possesses an adequate record of collection efforts including the dates of mailing of such letters and notices.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.06 - Reports

Current through Register 1525, July 5, 2024
Unless otherwise indicated, all reports and recommendations by Servicer required under this Servicer's Guide are to be submitted on the appropriate MHMFA form appended hereto. Reports calling for a response from MHMFA are to be submitted in duplicate. Every report and correspondence regarding a particular Mortgage Loan must reference the MHMFA Loan Participation Number. Any notice to FHA, VA or private mortgage insurer required to be sent to MHMFA must be sent with the appropriate MHMFA form. Servicer shall furnish detailed reports of individual Mortgage Loans on a form acceptable to MHMFA when requested by MHMFA. All reports required or requested by MHMFA shall be prepared accurately and submitted promptly.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › GENERAL › Section 22.07 - Insurance Loss Settlements and Hazard Insurance

Current through Register 1525, July 5, 2024
Servicer is required to take all actions required by the terms of the mortgage impairment policy or required by prudent practice and custom and normally taken by responsible Mortgage Lenders to require that hazard insurance is maintained in effect by the Borrower(s). Servicer will, upon receipt of any information that hazard insurance maintained by the Borrower will for any cause terminate, procure within the time period required by the terms of a mortgage impairment policy, fire and extended coverage insurance of the account of the Borrower for at least the minimum requirement of the Mortgage Loan and pay the premium therefore, so as to prevent lapse in protection on the mortgaged property. Servicer shall place all insurance loss draft proceeds in an unapplied account pending application. If proceeds are applied to restoration, any excess proceeds shall be applied against the Mortgage Loan debt unless other disposition has been approved by MHMFA. (See 761 CMR 21.21.)
(1)
Amount of Loss $2,500 or Less
. Servicer is not required to submit a report to MHMFA on the disposition of proceeds of losses of $2,500 or less, unless Servicer recommends application of the proceeds against the Mortgage Loan debt. Servicer shall determine that the property has been repaired to at least its original condition. After the property has been repaired, and provided that there is no delinquency or other servicing problem, Servicer shall disburse the proceeds and document in the Loan File all pertinent facts concerning the loss and disposition of the proceeds. Servicer shall exercise its prudent judgment in determining whether a physical inspection of the property should be made prior to the release of the draft.
(2)
Amount of Loss Exceeding $2,500
. Servicer is required to submit a report to MHMFA advising the nature and extent of any loss in excess of $2,500 immediately upon learning of it. As soon as possible, Servicer shall recommend a disposition of the proceeds indicating the proposed nature and cost of repairs. Partial disbursement or a draw plan may be utilized, provided that physical inspection is made to insure that the work has been satisfactorily completed at least equal to the amount of funds to be disbursed on each draw. Whenever a total or near total loss is sustained and Servicer recommends that the proceeds be applied against the Mortgage Loan debt, Servicer shall explain to MHMFA its reasons. Servicer shall adhere to all applicable laws regarding application of insurance proceeds, all FHA, VA, private mortgage insurer requirements, and prudent practices concerning notification, inspection and approval. Servicer shall take any action necessary to protect the priority of the mortgage, including, but not limited to, obtaining waivers of material or mechanics' liens.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.11 - Guidelines for Dealing with Delinquencies

Current through Register 1525, July 5, 2024
With respect to any FHA Mortgage Loan or VA Mortgage Loan, Servicer shall take such actions with respect to delinquencies as are required by the FHA or VA, respectively. With respect to any Conventional Mortgage Loan, Servicer shall take such actions with respect to delinquencies as it would take with respect to Mortgage Loans serviced for others or held for its own account. Servicer is required to remit to MHMFA the monthly interest due MHMFA whether or not Servicer has collected any payments from the Borrower. MHMFA and Seller shall reimburse Servicer as required when the Mortgage Loan is reinstated or from the proceeds of the liquidation of the Mortgage Loan.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.13 - Late Charges

Current through Register 1525, July 5, 2024
Servicer shall only collect late payment charges to the extent expressly provided for in the Mortgage Loan instruments, but in no event shall Servicer impose any late payment charge with respect to any payment received within 15 days after the payment is due, nor shall Servicer impose any late payment charge in an amount in excess of four percent of the payment which is late. Late charges may not be collected by charging Borrower's escrow account, deducting from a regular monthly payment or adding to the outstanding principal balance of the Mortgage Loan. Servicer shall be entitled to retain late charges received, as additional servicing compensation; provided, however, that no part of any funds received with respect to a foreclosed Mortgage Loan shall be applied to late charges, notwithstanding any provision in the Mortgage Loan to the contrary. Servicer may waive late payment charges when such waiver is of assistance to Servicer in bringing the Mortgage Loan current.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.14 - Notice of Liens; Bankruptcies; Probate Proceedings, etc

Current through Register 1525, July 5, 2024
Servicer shall promptly notify MHMFA upon becoming aware that any lien prior to the mortgage securing any Mortgage Loan has attached or will attach. Notice shall promptly be given to MHMFA of any state insolvency or federal bankruptcy proceedings in which any Borrower is seeking relief or is a defendant debtor, of the death of any Borrower or guarantor, of the sale, transfer or vacancy of the property or the occurrence of waste, deterioration, or lack of repair of the property or of the occurrence of any other default under the terms of the Mortgage Loan as to which Servicer ha s knowledge. In the event that MHMFA directs, Servicer shall take such actions as it deems to be prudent and MHMFA shall reimburse Servicer for reasonable fees and expenses, including reasonable attorneys' fees, incurred by Servicer. Accurate records of the aforesaid matters shall be maintained by Servicer.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.15 - Request for Partial Release, Easements, Waivers and Consents

Current through Register 1525, July 5, 2024
Application for partial release of real property, easements, the waiver of any right under a mortgage, consent to substantial alterations, removal, demolition, taking or division of property, and other matters relating to changes affecting a Mortgage Loan or the property shall require specific approval of MHMFA. Servicer shall furnish detailed information, including, but not limited to, supporting appraisals, blue prints, plats, sketches and legal instruments and shall recommend action. If approval of the FHA, VA, private mortgage insurer or MHMFA is required, it should be obtained first, together with the consent of co-makers, guarantors and other obligors as applicable.
Servicer shall have the responsibility to see that the instruments used in connection with changes affecting Mortgage Loans or mortgaged properties are in proper form, and that all requirements under applicable law are met. Application against the Mortgage Loan of any proceeds from a release, easement, or other modification, or from a taking by eminent domain, shall be set forth in the Loan File.
If necessary, Servicer shall inform the tax authority of the release of real property and request a division of any taxes levied or to be levied.
A conformed copy of the instrument used to complete the transaction shall be sent to the FHA, VA, the private mortgage insurer or MHMFA as appropriate, by Servicer.
With respect to a Mortgage Loan guaranteed or insured by FHA, VA or private insurance, Servicer shall notify the FHA, VA, the private mortgage insurer or MHMFA immediately upon learning of any planned or impending taking of a property securing a Mortgage Loan by eminent domain. Servicer should take all steps necessary to prevent loss of FHA insurance, VA guaranty or private insurance benefits by reason of eminent domain.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.16 - Deed in Lieu of Foreclosure

Current through Register 1525, July 5, 2024
If Borrower offers or is willing to execute a voluntary deed in lieu of foreclosure, Servicer shall recommend acceptance of such a deed if Servicer determines that such action is in MHMFA's best interest, that marketable title will be obtained, and that full benefits of the FHA insurance, VA guaranty or private mortgage insurance will be received.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.17 - Institution of Foreclosure

Current through Register 1525, July 5, 2024
By the 90th day following the due date of the earliest unpaid installment, Servicer shall recommend appropriate servicing action based on the particular circumstances of each Mortgage Loan. Servicer should not recommend foreclosure until every reasonable effort has been made to arrive at a solution to delinquency, as provided above. However, once Servicer determines that no other course of action will cure the default, then Servicer should promptly recommend foreclosure, and should include in the report recommending foreclosure a brief servicing history to date and a statement of the reasons for recommending foreclosure. Servicer shall actively continue all efforts to cure the default until approval of the foreclosure has been received from MHMFA.
Servicer shall proceed with the foreclosure immediately when so directed by MHMFA.
Servicer may provide notice of impending foreclosure to Borrower prior to approval of the action by MHMFA. However, no action may actually be stated until approved by MHMFA.
Servicer shall select the foreclosure counsel, subject o MHMFA approval. All legal fees relating to foreclosure are to be paid by Servicer and all reasonable and customary legal fees will be reimbursed pro-rata by MHMFA and Seller if not collected from Borrower upon completion of the proceedings.
Servicer should prepare and forward with the recommendation of foreclosure, any documents which require execution by MHMFA.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.18 - Action During Foreclosure

Current through Register 1525, July 5, 2024
Servicer shall take such action as is required during foreclosure to protect the property. Regular inspections shall be made with special emphasis on properties that have been vacated. Servicer shall, when appropriate, report to MHMFA the progress of foreclosure, including any unusual expenses incurred, the results of any inspection and any protective action taken. Servicer shall also report immediately to MHMFA the setting of a sale date, the suspension of foreclosure, and the holding of a sale.
Servicer shall retain Borrower's Escrow Payments, and tax receipts, and obtain bills for escrow expenses. If the balances in Borrower's escrow account are insufficient to pay escrow expenses as they become due during fore closure, Servicer shall pay such escrow expenses when and to the extent necessary to protect MHMFA's interest as well as for the costs of foreclosure and protective action. Such advances will be repaid by MHMFA and Seller, pro-rata, upon receipt of proceeds from the liquidation of the Mortgage Loan (See 761 CMR 22.23 -- Escrow Payments). Servicer shall be responsible for satisfying all requirements and promptly forwarding all required reports and other documents, to the FHA, VA, the private mortgage insurer or MHMFA to assure maximum benefit of all such guarantees or insurance
Seller and MHMFA agree to reimburse on a pro-rata basis Servicer for its reasonable out-of-pocket expenses incurred, including attorneys' fees, and for any advances by Servicer authorized by MHMFA in prosecution of foreclosure proceedings, and for protection of the mortgaged property, at the time of foreclosure out of the proceeds of the liquidation of the Mortgage Loan. If MHMFA shall so direct, Servicer shall relinquish servicing of a Mortgage Loan in default, and resume servicing when requested by MHMFA.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.19 - VA 30 Day Waiting Period

Current through Register 1525, July 5, 2024
While foreclosure of a VA Mortgage Loan normally may not be instituted until 30 days elapse from submission of the VA Notice of Intention to Foreclosure, Servicer should not postpone a recommendation to MHMFA to foreclose. The purpose of a 30-day waiting period is to allow the VA to contact the Borrower; however, Servicer should continue collection efforts during such waiting period. Also, if the property has been abandoned or is rented or there are other extraordinary circumstances, Servicer should ascertain whether the 30-day waiting period requirement is applicable.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.20 - Bidding Instructions

Current through Register 1525, July 5, 2024
Servicer shall issue bidding instructions to its employees, agent or the attorney attending the foreclosure sale unless otherwise directed by MHMFA. With respect to Conventional Mortgage Loans, at least 15 days prior to the foreclosure sale, Servicer shall recommend the maximum amount which should be bid on behalf of MHMFA and shall request approval of such amount. In the case of an FHA, VA or private mortgage insurance Mortgage Loan, bidding instructions shall be in conformity with FHA, VA and private mortgage insurance regulations.
For VA guaranteed Mortgage Loans, no bid in excess of the "upset price" established by the VA shall be entered on behalf of MHMFA. If the VA upset price is not received by Servicer as of the date of the sale, the sale should be postponed.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.21 - Offer of Payment During Foreclosure

Current through Register 1525, July 5, 2024
When during foreclosure a Borrower offers payment of the full delinquency, including advances, legal costs, and other foreclosure costs and expenses, Servicer shall ascertain the amount of all foreclosure costs and expenses that have been incurred or will be incurred, if the offer is accepted. Such an offer may be accepted by Servicer, but it may not be declined without MHMFA concurrence.
If the offer is accepted, upon receipt of funds, Servicer shall take action to prevent additional foreclosure costs and expenses from being incurred and apply funds (exclusive of foreclosure costs and expenses) to Borrower's account, and pay the foreclosure costs and expenses. Servicer shall report all details of the transaction to MHMFA.
When during foreclosure Borrower offers to pay an amount less than the full delinquency (including, but not limited to, advances and legal costs), Servicer will ascertain the amount of foreclosure costs and expenses that have been or will be incurred if the offer is accepted. Servicer may decline without MHMFA's concurrence, but shall obtain HMFA's approval prior to accepting. Servicer shall recommend to MHMFA whether the foreclosure action should be suspended or should be dismissed and how the remaining delinquency will be cured.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.22 - Acquired Properties; Disposition

Current through Register 1525, July 5, 2024
Servicer shall be responsible for the maintenance and security of properties acquired through foreclosure of Mortgage Loans for a period of 60 days following the date of acquisition of such earlier date as MHMFA shall specify in writing to Servicer. Servicer shall make regular inspection of the condition and occupancy of each acquired property and report the same to MHMFA, take protective action when necessary, collect and remit rents, and pay minor expenses.
Servicer shall notify the insurance carrier of changes in occupancy and ownership. If the property is vacant, Servicer shall promptly investigate the availability and cost of vandalism and malicious mischief insurance and make a recommendation thereon to MHMFA. Any accidents or incidents occurring on the property must be immediately reported to MHMFA , in writing, by Servicer.
In the case of Conventional Mortgage Loans insured by private mortgage insurer, Servicer shall make timely application for the benefits of such insurance and ascertain whether the property is to be conveyed to the insurance carrier or the claim otherwise settled. Servicer shall work closely with MHMFA and take all action necessary to obtain for MHMFA the benefits of such insurance. After receipt of payment from the insurance carrier, Servicer shall remit the MHMFA ratable portion with the next remittance scheduled.
With respect to properties acquired pursuant to FHA/ VA Mortgage Loans, Servicer shall arrange for the prompt transfer of the property to the FHA or VA within the period prescribed by FHA or VA, shall file the necessary notices, and satisfy all FHA or VA requirements. Servicer shall promptly process the claim for FHA insurance or VA guaranty benefits on behalf of MHMFA and arrange for payment directly to MHMFA. Whenever possible, MHMFA prefers that foreclosed property be deeded directly to FHA or VA.
Copies of all notices relating to a claim for benefits sent to the FHA or VA or private mortgage insurer must be simultaneously sent to MHMFA. Copies of responses from the FHA or VA or private mortgage insurer must immediately be forwarded to MHMFA along with recommendations of actions to be taken, if necessary.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.23 - Escrow Payments

Current through Register 1525, July 5, 2024
Servicer shall collect Escrow Payments to the maximum extent permitted (except that the collection of Escrow Payments for hazard insurance premiums is not required) by the Real Estate Settlement Procedures Act, as amended, along with the monthly installment of interest and principal. The Escrow Payment shall be held in trust for the benefit of the Borrower, Seller and MHMFA in an account with a Mortgage Lender (which may be the Servicer) insured to the fullest extent legally possible.
Servicer shall from time to time obtain bills for all escrow expenses and will effect payment thereof prior to the applicable penalty or termination date. Servicer shall maintain adequate records of proof of payments of all taxes, insurance premiums and other escrow expenses. Servicer shall at least annually compute the required Escrow Payments on the basis of assessments and bills and reasonable installments of Escrow Payments payable prior to the due dates of taxes and other escrow expenses exceeds the amount required to pay such charges as they fall due, the excess shall be either promptly repaid to Borrower (if there is no default under the terms of the Mortgage Loan) o r credited to Borrower against monthly installments of Escrow Payments. Any interest payable to Borrower for Escrow Payments or any other funds held by Servicer, whether due to contractual agreement or operation of law, shall be paid by Servicer, at Servicer's sole expense.
When Escrow Payments collected from Borrower are insufficient to pay taxes and other escrow expenses when due, Servicer should attempt to obtain the necessary additional deposit from Borrower before the latest date on which such items may be paid prior to charge, lapse of insurance policies or other penalty. If Borrower fails to remit the amount of deficiency or if there is insufficient time to obtain such amount, Servicer shall pay from its own funds any items when and to the extent necessary to protect MHMFA's interest, and should reflect a deficit balance in Borrower's escrow account. (See 761 CMR 21.18.)
Whenever Servicer shall have made advances, with respect to any Mortgage Loan to pay taxes, and other escrow expenses such advances shall be a lien on the mortgaged property added to the amount of the Mortgage Loan and payable upon demand with interest (at the rate applicable under the Mortgage Loan) from the time of payment of the same and secured by the mortgage lien and if not paid by Borrower shall be reimbursed our of the proceeds of foreclosure, assignment, judgment or other final disposition of the Mortgage Loan.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › LOAN SERVICING › Section 22.25 - Property Inspections

Current through Register 1525, July 5, 2024
Servicer must inspect each mortgaged property at least once every three years. The scope of the inspection must cover the maintenance of the property, and the general condition of the neighborhood. Entry to the dwelling is not necessary during a routine property inspection. The inspector should pay special attention to the exterior of the dwelling for items that are in disrepair and can ultimately affect the value of the property. In the event there are items found to be in disrepair, the Servicer shall contact the Borrower in writing advising him of the suggested repairs that should be made. A record of the property inspection must be contained in the Servicer's Loan File.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › ACCOUNTING AND REPORTING › Section 22.31 - Accounting and Fiscal Responsibilities

Current through Register 1525, July 5, 2024
The fiscal responsibilities of the Servicer shall include the following:
(1) The accounting for and monthly remittance to MHMFA and MHMFAs Trustee of the allocable principal and interest portions of monthly payments, and any other sums which MHMFA may require to be remitted.
(2) The accounting for an administration of escrow accounts or amounts deposited by Borrowers for payment of taxes, assessments, ground rents, hazard insurance premiums, premiums due the federal insurer guarantor or private mortgage insurer, and other escrowed expenses.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › ACCOUNTING AND REPORTING › Section 22.32 - Mortgage Accounting Records

Current through Register 1525, July 5, 2024
Permanent mortgage accounting records shall be maintained for each Loan Participation. The records must indicate MHMFA's interest in each Mortgage Loan and contain the Loan Participation Number assigned by MHMFA.
For purposes of reporting to MHMFA, Servicer's accounting system must be capable of producing for each Mortgage Loan, as of the 30th day of the month, an account transcript itemizing:
(a) the date and amounts of principal and interest collected,
(b) the date to which interest is paid, and the accrued interest due on each Mortgage Loan to the 30th day of each month, and
(c) the date, amount and nature of each disbursement, advance, adjustment or other transaction affecting the amounts due from or to the Borrower, including the then current outstanding principal balance, and current escrow balance for each Mortgage Loan. The system must provide for immediate disclosure of any escrow deficiency.
The accounts and records relating to Loan Participations shall be maintained in accordance with sound and generally accepted accounting practices, and in such a manner as will permit the representatives or designees of MHMFA, at any time during business hours, to examine and audit such documents and records.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › ACCOUNTING AND REPORTING › Section 22.33 - Acceptable Mortgage Accounting Method

Current through Register 1525, July 5, 2024
The amortization method of individual loan accounting, with interest calculated in arrears, must be used on Loan Participations serviced for MHMFA In this method, application of an individual mortgage payment of interest and principal is determined by first calculating the interest portion and applying the balance of the constant payment as a principal reduction The interest is calculated using not less than the outstanding principal balance after application of the preceding payment. The interest so computed applies to the period preceding the due date of the installment being applied.
Where computations involve a multiple of installments (such as for delinquent installments), each installment is calculated in succession using a principal balance resulting after the prior calculation and principal application. Similarly, a method which strictly applies payments in accordance with a predetermined amortization schedule is also acceptable. All monthly interest calculations shall be made using a 30-day month, and a 360-day year.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › ACCOUNTING AND REPORTING › Section 22.34 - Application of Mortgage Payments

Current through Register 1525, July 5, 2024
The Servicer must apply all payments under each Loan Participation to respective interest, principal, escrow, and any late charge, in that order. The Servicer must maintain accurate records of all expenditures for taxes, assessments, and other public charges, hazard insurance premiums (if collected) and mortgage insurance premiums, and must annually certify to MHMFA that all insurance premiums, taxes, and assessments have been fully and properly paid with respect to all Loan Participations.
Servicer shall remit ten percent of all principal payments to Seller and 90% of all principal payments to MHMFA.
From interest payments received, Servicer shall
(a) deduct and retain a three eighths of one percent annual Servicing Fee, calculated monthly;
(b) remit to MHMFA monthly the MHMFA Required Rate;
(c) remit the balance, which shall not exceed the Adjusted Rate, to the Seller.
When payments due are not received, Servicer shall remit MHMFA's share of the interest to MHMFA as though payments have been received; provided, however, that in lieu of remitting such interest to MHMFA the Seller or Servicer shall have the option to purchase the Loan Participation owned by MHMFA. Servicer shall receive reimbursement including Servicing Fee at the time the delinquency is cured, or in the event of foreclosure, at the time of liquidation of the Mortgage Loan. Reimbursement from foreclosure proceeds will be made to Seller and MHMFA on a pro-rata basis, except that Servicer shall receive any Servicing Fee in arrears and the full amount of any interest advanced to MHMFA.
When the Servicer received prepaid installments of principal and interest, such amounts should be retained by the Servicer and only forwarded to MHMFA (and Seller) when due in accordance with the regular predetermined amortization schedule of the mortgage loan.
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › ACCOUNTING AND REPORTING › Section 22.35 - Remittance of Funds

Current through Register 1525, July 5, 2024
All payments to MHMFA must be settled in the form of Boston Clearinghouse Funds or wire transfer directly to the MHMFA Trustee.
The following instructions should be used in transferring funds: _________________, New England Merchants National Bank, 28 State Street, Boston, Massachusetts 02106.
For the Credit of ____________________________
(MHMFA Servicing Account No.)
A. Outstanding Principal Balance $ _______________
B. Total Principal Due $ _______________
C. Total Principal Collected $ _______________
D. Total Principal Due MHMFA (.90 x line B) $ _______________
E. Total Principal Remitted to MHMFA (.90 x line C) $ _______________
F. Total Interest Due $ _______________
G. Total Interest Collected $ _______________
H. Total Interest Due MHMFA (MHMFA Required Rate) $ _______________
I. Net Remittance (line E plus Line H) $ _______________
Code of Massachusetts Regulations › 761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY › Title 761 CMR 22.00 - Servicer's Guide › ACCOUNTING AND REPORTING › Section 22.36 - Monthly Reporting

Current through Register 1525, July 5, 2024
The Summary of Monthly Activity summarizes the monthly activity of Mortgage Loans serviced for MHMFA, and records the remittance due MHMFA for a given month. On the 30th of each month, a cut-off of activity is required for reporting purposes. The Summary of Monthly Activity should be prepared as of this date and submitted to MHMFA by the tenth of the next following month. The MHMFA Summary of Monthly Activity form must be used.
The MHMFA Reconciliation of Constants and Forecasts of Principal Due reconciles Mortgage Loan constants, and forecasts the monthly principal due. It must be submitted to MHMFA with the Summary of Monthly Activity. The MHMFA Reconciliation of Constants and Forecasts Principal Due form must be used.
To support the Summary of Monthly Activity and Reconciliation and Forecast reports, MHMFA requires the following detail reports:
(a)
Monthly Activity Detail Schedule I
. This report records information concerning payments in full, foreclosures, repurchases, loans added.
(b)
Monthly Activity Detail Schedule II
. This report records information concerning curtailments, and delinquent principal paid.
(c)
Summary of Delinquent Loans
. This report records delinquencies and delinquency ratios.
(d)
Trial Balance
. This form records detail information about each Mortgage Loan on a monthly basis.
Servicer may submit the information required by the detail reports in any form provided that the reporting form must be legible, clearly titled and may not exceed standard legal paper size (8-1/2" x 14").
Detail reports must accompany the summary of Monthly Activity, and reflect, where appropriate, the same cut-off date.
The Multipurpose Loan Participation Servicing Report should be submitted for any transmittal to MHMFA of material other than the monthly reports, and must be used for any event listed on the report and for any other event for which MHMFA requires clarification or explanation or any event of which Servicer deems that MHMFA should be informed.
THIS DOCUMENT, THE MHMFA SERVICER'S GUIDE, IS TO BE INCORPORATED BY REFERENCE IN AGREEMENTS FOR THE SERVICING OF MORTGAGE LOANS IN WHICH MHMFA ACQUIRES A LOAN PARTICIPATION AND SHALL REQUIRE NO SIGNATURE FOR ITS OPERATION OR EFFECT BETWEEN A SERVICER AND MHMFA.
Code of Massachusetts Regulations › 780 CMR - STATE BOARD OF BUILDING REGULATIONS AND STANDARDS › Chapter 1 - Scope and Administration › Part 1 - SCOPE AND APPLICATION › Section 101 - GENERAL › Subsection 101.1 - Title

Current through Register 1525, July 5, 2024
These regulations shall be known as the
Building
					 Code
of [NAME OF JURISDICTION], hereinafter referred to as "this
					 code."
Code of Massachusetts Regulations › 780 CMR - STATE BOARD OF BUILDING REGULATIONS AND STANDARDS › Chapter 1 - Scope and Administration › Part 1 - SCOPE AND APPLICATION › Section 101 - GENERAL › Subsection 101.2 - Scope

Current through Register 1525, July 5, 2024
The provisions of this code shall apply to the
					 construction,
alteration
, movement, enlargement, replacement,
					 repair, equipment, use and occupancy, location, maintenance, removal and
					 demolition of every building or structure or any appurtenances connected or
					 attached to such buildings or structures.
Exception:
Detached one- and two-family
dwellings
and multiple single-family
dwellings
(
townhouses
) not more than three
stories
above
grade plane
in height with a
					 separate
means of egress
and their accessory structures shall
					 comply with the
International Residential Code
.
101.2.1
Appendices.
Provisions in
				  the appendices shall not apply unless specifically adopted.
Code of Massachusetts Regulations › 780 CMR - STATE BOARD OF BUILDING REGULATIONS AND STANDARDS › Chapter 1 - Scope and Administration › Part 1 - SCOPE AND APPLICATION › Section 101 - GENERAL › Subsection 101.3 - Intent

Current through Register 1525, July 5, 2024
The purpose of this code is to establish the minimum
					 requirements to safeguard the public health, safety and general welfare through
					 structural strength,
means of egress
facilities, stability,
					 sanitation, adequate light and ventilation, energy conservation, and safety to
					 life and property from fire and other hazards attributed to the built
					 environment and to provide safety to fire fighters and emergency responders
					 during emergency operations.