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BankersOnline.com Forums State-Specific Compliance Issues Massachusetts Late Chg-Commercial Loans
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#2147016 - 09/21/17 03:57 PM Late Chg-Commercial Loans
rann9179 Offline
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Joined: Oct 2012
Posts: 24
If a commercial loan is secured by owner-occupied 1-4 family or condo is it still limited to the 3% late charge fee?

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#2152323 - 11/03/17 08:08 PM Re: Late Chg-Commercial Loans rann9179
Angelina Milano Offline
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Joined: Jul 2017
Posts: 10
We were recently told by our internal auditors that yes, it does apply to commercial loans as well.

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#2152330 - 11/03/17 08:41 PM Re: Late Chg-Commercial Loans rann9179
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The limit applies to any loan secured by a mortgage on such a property.
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