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

Universal Citation: 761 CMR 22.00 MA Code of Regs 22.15
Current through Register 1531, September 27, 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.

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