Massachusetts New Anti-Mortgage Gets Wells Fargo To Limit Offers
Deval Patrick proclaimed his Unfair and Deceptive Acts and Practices Act would benefit Massachusetts mortgage borrowers. However, we recognized that businesses tend to vacate markets when regulation becomes to tough going to places where they have a chance to make money. So we figured that the only people hurt by this are the borrowers in Massachusetts as they will have a much harder time getting a loan.
A little birdie sent this over to me today. Wells Fargo is canceling some of their mortgage products that they have offered in Massachusetts effective when this law goes into effect. So Massachusetts voters, do not blame the lenders when you can not get a loan or refinance.
Blame your Governor, Deval Patrick.
The Massachusetts Attorney General delayed (until Jan. 2, 2008) the Amendments to the Unfair and Deceptive Acts and Practices (UDAP) regulations that were to be effective Nov. 15, 2007. Loans closing on or after Jan. 2, 2008, must comply with the new UDAP Amendments.
As part of the Massachusetts legislation effective for loans closed on or after Jan. 2, 2008, Wells Fargo will discontinue offering the following Balloon products in the State of Massachusetts:
· ARM 5/1 30/40
· 15/30 Balloon
· 40/30 Balloon
Action item for Fulfillment and Sales: Monitor pipeline reports to ensure these loans close prior to Jan. 2.
We continue to analyze the new requirements in Massachusetts and will provide further direction as it becomes available.
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