Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 54.00 - Mortgage Lender Community Investment
Section 54.23 - Service Test

Universal Citation: 209 MA Code of Regs 209.54

Current through Register 1537, December 20, 2024

(1) Scope of Test. The service test evaluates a mortgage lender's record of helping to meet the mortgage credit needs in the Commonwealth by analyzing both the availability and effectiveness of a mortgage lender's systems for delivering mortgage loan products and the extent and innovativeness of its community development services. A mortgage lender that has made fewer than 100 home mortgage loans in the Commonwealth in the last calendar year shall not be subjected to the service test outlined in 209 CMR 54.23.

(2) Area(s) Benefited. Community development services must benefit the Commonwealth or a broader regional area that includes the Commonwealth.

(3) Performance Criteria - Community Development Services. The Commissioner evaluates community development services pursuant to the following criteria:

(a) the extent to which the mortgage lender provides community development services; and

(b) the innovativeness and responsiveness of community development services.

(4) Performance Criteria - Mortgage Lending Services. The Commissioner evaluates the availability and effectiveness of a mortgage lender's systems for delivering mortgage lending services, pursuant to the following criteria:

(a) the availability and effectiveness of systems for delivering mortgage lending services (e.g., Internet, telephone solicitation, direct mail) in low- and moderate-income geographies and to low- and moderate-income individuals, including, to the extent applicable, the current distribution of the mortgage lender's branches among low-, moderate-, middle-, and upper-income geographies; and

(b) the range of services provided in low-, moderate-, middle-, and upper-income geographies and the degree to which the services are tailored to meet the needs of those geographies.

(5) Service Performance Rating. The Commissioner rates a mortgage lender's service performance as provided in 209 CMR 54.61.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.