Breaking News-MA Division of Banks Issues COVID-19 Counseling Guidance

Breaking News-MA Division of Banks Issues COVID-19 Counseling Guidance

Today, the Massachusetts Division of Banks published guidance on reverse mortgage counseling requirements during the COVID-19 emergency.

Massachusetts Governor Charlie Baker signed a bill (HB4647) into law last week that allows reverse mortgage applicants to receive the required counseling remotely, by phone or video conference, until he declares an end to the emergency. The legislation would also protect homeowners and renters from foreclosure and eviction.

The DOB guidance allows for synchronous video counseling or telephonic counseling in the Commonwealth. The HUD counseling certificate can be used, and if the counseling is via synchronous video, then the counselor will indicate “telephonic” on the certificate. This guidance is in effect from April 20, 2020 until such time the Governor declares an end to the state of emergency.

Here is a link to the guidance, https://www.nrmlaonline.org/wp-content/uploads/2020/04/Industry-Guidance-in-MA.pdf