Area 2 off chapter 255D of your General Laws, as the so looking, was hereby revised by the addition of the second part:-

(b) A lender to make a top-rates home loan financing whom, when acting inside good faith, does not adhere to it chapter, shall not considered to features broken so it part whether your lender set you to definitely possibly: (1) Within 1 month of loan closure and you may before the organization of every step not as much as it section, the lender notifies the brand new debtor of your own conformity failure and you may helps make appropriate restitution and you will whichever alterations are very important are created to this new mortgage, during the variety of the fresh debtor, in order to often: (i) make high-pricing home mortgage mortgage match the requirements of the part otherwise (ii) replace the regards to the loan you might say good for the borrower therefore, the mortgage won’t meet the requirements a high-costs home mortgage loan; otherwise, (2) new conformity failure was not deliberate and resulted away from a bona fide mistake notwithstanding the constant maintenance steps reasonably modified to get rid of new errors, and you may inside 60 days following the breakthrough of your own conformity failure and you can through to the institution of any action less than which section or the acknowledgment out-of composed notice of one’s conformity inability, the fresh new debtor try informed of your own conformity incapacity, appropriate restitution is generated and you can almost any alterations are crucial are built towards the loan, during the variety of the brand new borrower, to help you often (i) make high-costs home loan financing fulfill the conditions regarding the part otherwise (ii) alter the terms of the mortgage in such a way great for this new borrower so that the mortgage will no longer be considered a top-prices mortgage loan mortgage. Read more