A new report released by the Massachusetts Community & Banking Council (MCBC, a coalition of community-based organizations and financial institutions), “CRA for Mortgage Lenders in Massachusetts, 2008-2015” highlights that community reinvestment regulation seems to have had a positive impact on the relative performance of Licensed Mortgage Lenders (LMLs) in meeting the needs of traditionally underserved borrowers and neighborhoods. In the first report of its kind, MCBC provides information on the state law passed in 2007, which mirrors existing federal and state CRA requirements over depository institutions and calls for lenders to meet the credit needs of low- and moderate-income borrowers and geographies when originating residential loans or acquiring mortgage portfolios in the Commonwealth.
MCBC issued a press release on the issuance of the report: http://mcbc.info/wp-content/uploads/2016/05/CRA-for-Mortgage-Lenders-in-Massachusetts-2008-2015-Press-Release-5.17.16.pdf The full report can be accessed at http://mcbc.info/wp-content/uploads/2016/05/CRA-for-Mortgage-Lenders-in-MA-2008-2015-Final.pdf
The Report and News Release are also available on MCBC’s website at http://mcbc.info/publications/mortgage-lending/.
MACDC is pleased that this law, passed in response to the foreclosure crisis as a result of the advocacy of MACDC and other organizations, has had such a positive impact.