DocMagic, Inc.'s Compliance Department has updated Fannie Mae's/Freddie Mac's Massachusetts mortgage as well as its other mortgages and assignments to comply with Section 3 of Chapter 206 of the Acts of 2007.  Section 3 adds a new Section 6D to Massachusetts General Laws, Chapter 183, which requires mortgage broker information, including the name, post office address, and license number, to be included on the mortgage and assignment when recorded.  If applicable, the name, post office address and license number of the mortgage loan originator must be included as well.  This endorsement, or notation that no mortgage broker or mortgage loan originator was involved in the mortgage, if known, shall be recorded as part of the mortgage or assignment of mortgage.  Despite the foregoing requirements, failure to comply with this section shall not affect the validity of any mortgage or the recording of any mortgage or assignment of mortgage.

According to the Massachusetts Governor's Chapter 206 FAQs, if a mortgage (including an assigned mortgage) is recorded before July 1, 2008, it is NOT required to include information about a licensed mortgage loan originator, as the law governing mortgage loan originators does not take effect until July 1, 2008.  Thus, any mortgage loan closed before that date is not required to include mortgage loan originator information. Mortgage loans closed before July 1, 2008 but assigned after that date would also not be required to include this information.

However, mortgage loans closed after November 29, 2007, the date most provisions of Chapter 206 went into effect, are required to include the name, address, and license number of the mortgage broker, if applicable, on the mortgage or subsequent assignment of the mortgage.

To comply with new Section 6D as it relates to mortgage brokers, the Compliance Department has added the following Mortgage Broker verbiage after the acknowledgement section on the mortgages and assignments:

 No mortgage broker was involved with this Mortgage.

 The following mortgage broker was involved with this Mortgage:

   Name of Mortgage Broker:

   License No.:

   Address:

Shortly before July 1, 2008, the Massachusetts mortgages and assignments will again be updated to comply with that portion of Section 6D requiring mortgage loan originator information.  Please note that investors' Massachusetts mortgages and assignments have not been updated unless requested to be updated by the investor.  If you have any questions regarding the contents of this article, please contact the Compliance Department.