Section 4. A lender shall not make a high-cost home mortgage loan unless the lender reasonably believes at the time the loan is consummated that 1 or more of the obligors, will be able to make the scheduled payments to repay the home loan based upon a consideration of the obligor's current and expected income, current and expected obligations, employment status, and other financial resources other than the borrower's equity in the dwelling which secures repayment of the loan.
There shall be a presumption that the borrower is able to make the scheduled payments if, at the time the loan is made, and based on the monthly payments as calculated based on the index plus the margin at the time the loan is made, in the case of loans with lower introductory rates: (1) the borrower's scheduled monthly payments on the loan, including principal, interest, taxes, insurance, and assessments, combined with the scheduled payments for all other debt, do not exceed 50 per cent of the borrowers documented and verified monthly gross income, if the borrower has sufficient residual income as defined in the guidelines established in 38 CFR 36.4337(e) and VA form 26–6393 to pay essential monthly expenses after paying the scheduled monthly payments and any additional debt.
Notes of Decisions
Commonwealth v. Fremont Inv. & Loan, 897 N.E.2d 548 (Mass. 2008).
· cites it 2× “” G. L. c. 183C, § 4. This section further states, however, that a borrower is presumed to be able to repay the loan if the borrower’s debt-to-income ratio, calculated based on the fully indexed rate associated with an ARM loan, does not exceed fifty per cent of the borrower’s…”
Drakopoulos v. U.S. Bank Nat'l Ass'n, 991 N.E.2d 1086 (Mass. 2013).
“” G. L. c. 183C, § 4. Those charges include title insurance premiums, fees for flood certification, and recording fees.”
Lopez v. Mortg. Elec. Reg. Sys., Inc. (In re Lopez), 486 B.R. 221 (Bankr. D. Mass. 2013).
· cites it 2× “Mass. Gen. Laws ch. 183C, § 4. A “high-cost home mortgage loan” is a consumer credit transaction that is secured by the borrower’s principal dwelling, other than a reverse mortgage transaction, (sic) a home mortgage loan that meets 1 of the following conditions:— (i) The annual…”
Commonwealth v. H&R Block, Inc., 25 Mass. L. Rptr. 92 (Mass. Super. Ct. 2008).
· cites it 2× “” G.L.c. 183C, §4. The Act provided lenders with a safe harbor in making a reasonable determination regarding the borrower’s ability to repay — if the borrower’s debt-to-income ratio was 50 percent or less, the borrower was presumed able to make the scheduled payments.”
Lee v. Bank Of Am. (D. Mass. 2024).
“244, § 35 ; Mass. Gen. Laws ch. 183C, § 4; and Mass. Gen.”
Taslis v. U.S. Bank NA (D. Mass. 2024).
“” Mass. Gen. Laws ch. 183C, § 4. Taslis also seeks declaratory judgment and alleges six other state law claims (Counts II-VIII).”
Rasla v. Wells (D. Mass. 2024).
“Discussion Rasla asserts that the loans for his First and Second Mortgage were predatory loans in violation of Mass. Gen. L. c. 183C, § 4. D. 1-3 at 7. Rasla further contends that Defendants are engaging in unfair and deceptive trade practices in violation of Mass.”
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