Under Massachusetts statute, Mass Gen. Laws Ann. ch. 184, Section 17B, you, the Borrower are entitled
to know the following:
1. The responsibility of the attorney for the Lender is to protect the interest of the Lender.
2. You, the Borrower, may at your own expense, engage an attorney of your own selection to represent
your interests in this transaction.
I would like to confirm that this initial disclosure is required for HE Loans and HELOCS are well as first lien mortgages for owner occupied 1-4 family?
When I looked up all the meaning of ''Residential mortgage loan'' -any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling as defined in section 103(v) of the Truth in Lending Act, 15 U.S.C.
TILA Section 103(cc) defines “residential mortgage loan” to mean a consumer credit transaction secured by a mortgage or equivalent consensual security interest “on a dwelling or on residential real property that includes a dwelling.” Under TILA and Regulation Z, the term “dwelling” means a residential structure with one to four units, whether or not the structure is attached to real property, and includes a condominium or cooperative unit, mobile home, and trailer, if used as a residence.
Thank you and Happy Holidays.