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Richards Law Office, P.C.

MASSACHUSETTS MORTGAGE BROKER & MORTGAGE CORRESPONDENT COMPLIANCE

MortgageMortgage Brokers and Mortgage Correspondents should be prepared for an examination by the Division of Banks on a daily basis. Richards Law Office, P.C. assists Mortgage Brokers and Mortgage Correspondents in all phases of regulatory compliance. We offer the following regulatory services:







  • Guidance on what to expect at a Division of Banks examination
  • Assistance with preparing the Consumer Compliance Pre- Examination Officers’ Questionnaire/Document Request List.
  • Review/Revise consumer disclosures
  • Quality Control file review and suggested corrective action
  • MA specific mortgage broker operating procedures including subprime policies
  • Quality Control Plan
  • Guidance on not over-disclosing with lender disclosures
  • Assistance with Regulatory Enforcement Actions

The Compliance and Community Affairs Section of the Massachusetts Division of Banks can conduct an unannounced examination of a mortgage broker’s compliance with a variety of provisions of Massachusetts General Laws. Relevant statutes and regulations include chapters 140 and 140D regarding Truth-in-Lending; the Division's regulations concerning Disclosure of Consumer Credit Costs and Terms, 209 CMR 32.00; General Laws chapter 255E and the Division's regulations 209 CMR 42.00 governing the licensing of Mortgage Lenders and Mortgage Brokers; General Laws chapter 183 §63 and the Attorney General’s regulations, 940 CMR 8.00. Other statutes and regulations are also considered where applicable during the examination process. As part of the examination/inspection, mortgage brokers and mortgage correspondents are requested to complete the Consumer Compliance Pre-Examination Officers’ Questionnaire/Document Request List. This Questionnaire/Document Request List requires detailed information regarding a variety of topics of the company’s operation.

Massachusetts General Laws chapter 255E, section 8 states in part that:

Each licensee shall, when directed by said commissioner, permit said commissioner or his duly authorized representative to inspect its relevant records and evidence of compliance with the provisions of this chapter or any rule or regulation issued hereunder and with any other law, rule or regulation applicable to the conduct of the business for which it is licensed under this chapter. For the purposes of such inspection, said commissioner or his representative shall have access to the offices and place of business, books, accounts, papers, records and files of all such licensees.

Many mortgage companies encounter significant monetary penalties as well as regulatory actions by not being prepared for an examination by the Division of Banks. Richards Law Office, P.C. provides assistance with being prepared on a daily basis along with implementing sound operating policies.

Our hourly rate is $300 per hour with a $2,000 retainer. A higher retainer may be required for complex regulatory and/or enforcement matters.