Under Massachusetts Gen. Laws Ann. ch. 184, § 17B and Mass. Regs. Code tit. 209, § 42.14, Cx3573 is required to be provided in connection with a loan secured by residential property which is “occupied or to be occupied in whole or in part by the obligor on the mortgage debt” (Supra).
This phrase can be interpreted at least two ways:
- That the subject property occupied by the obligor is his primary residence, in whole or in part (g. in a two-unit dwelling, the obligor occupies one of the units); or
- That the subject property is occupied, either in whole or in part on an occupancy basis, by the obligor (g. the obligor occupies the property as a vacation home during part of a year).
Due to these interpretations, we will be taking a conservative approach by changing one of the print configurations of Cx3573 from “Occupancy = Primary Residence” to “Occupancy = Allow Any.”
The content of the document (which discloses the license numbers of certain entities, as well as providing a general disclosure concerning attorney representation) does not need to be substantially changed. However, we will be “tweaking” two parts of the document as follows:
- In the first paragraph, the phrase “Under Mass. Regs. Code tit. 209, §§ 41.12 & 42.14, you, the Borrower(s), are entitled to know the type of license(s) we hold in Massachusetts:” will be replaced with “You, the Borrower(s), are hereby advised of the type of license(s) we hold in Massachusetts:” A separate paragraph will be created for listing the above-referenced citations.
- In the second paragraph, the phrase “Under Mass. Gen. Laws Ann. ch. 184, § 17B, you, the Borrower(s), are entitled to know the following:” will be replaced with “You are also hereby informed of the following:” A separate paragraph will be created for listing the above-referenced citation.
Because these parts of the document are heavily customized, we encourage clients to review their customizations and, if they desire, request any changes with their Account Manager or Client Support.
These changes will be in effect on July 14, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.