940 CMR 8.05 - Mortgage Disclosures
(1) It is an
unfair or deceptive act or practice for a mortgage broker or mortgage lender to
fail to make any disclosure, or fail to provide any document, to a consumer
required by and at the time specified by any applicable state or federal law,
regulation or directive.
(2) It is
an unfair or deceptive act or practice for a mortgage broker or lender to
conceal or to fail to disclose to a borrower any fact relating to the loan
transaction, disclosure of which may have influenced the borrower not to enter
into the transaction with the broker or lender.
(3) It is an unfair and deceptive act or
practice for the mortgage broker or lender to fail to take reasonable steps to
communicate the material facts of the transactions in a language that is
understood by the borrower. Reasonable steps which shall comply with 940 CMR
.8.00 may include but shall not be limited to:
(a) using adult interpreters; and
(b) providing the borrower with a translated
copy of the disclosure forms required by any applicable state or federal law,
regulation or directive, in a language understood by the borrower.
(4) It is an unfair or deceptive
act or practice for a mortgage lender to fail to give to the borrower legible
copies of the mortgage deed, promissory note, and the settlement statement when
completed or at the time of closing.
Notes
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