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

Universal Citation: 761 CMR 22.00 MA Code of Regs 22.13
Current through Register 1531, September 27, 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.

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