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#60171 - 02/10/03 05:19 PM Payoff Request Fee
P*Q Offline

Power Poster
P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Does anyone know if it permissible in Massachusetts to charge a mortgage payoff request fee? If so, is there a maximum charge? I've scoured Mass banking law book and cannot find any such limitations. Thanks!

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#60172 - 05/06/03 08:22 PM Payoff Request Fee
Anonymous
Unregistered

Try Mass Dept of Banking Opinion 96-068. Here's a link:
http://www.state.ma.us/dob/4th%5Fdigd.htm

Here's what is says...............
96-068 Mortgage Payoff Statement Fees
Although Mass. Gen. Laws chapter 183 governs mortgage loans along with other provisions of Massachusetts law, there is no Massachusetts statute or regulation governing the charging of fees for the issuance of mortgage payoff statements. Therefore, the mortgagee may charge a fee for providing the borrower with a payoff statement if the amount of the fee is reasonable in relation to the service provided. As a fee which is not regulated by statute, such a fee would not be required to be disclosed in advance to the borrower.

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