209 CMR 54.23 - Service Test
(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.
Notes
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