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Commonwealth of Massachusetts
DIVISION OF BANKS
1000 Washington St., 10th Floor
Boston, MA 02118
MORTGAGE LENDER (MC & ML) ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2009
(General Laws chapter 255E, §8)
TO BE FILED AT THE ABOVE ADDRESS NOT LATER THAN March 31, 2010
(You may download this form at www.mass.gov/dob by clicking on „Industry Services‟ and following the links.)
Name of Licensee _______________________________________ License #MC_____ or #ML _____
Please be advised that the Licensee is required to keep all information on the Nationwide Mortgage
Licensing System current and up to date.
____________________________________________________________________________________
The undersigned is authorized to attest that the attached financial statements along with the other
schedules of the report have been prepared in conformance with the issued instructions and are true to
the best of my knowledge and belief. This report must be signed by an authorized officer and must be
attested to by at least one director.
We, the undersigned directors, attest to the correctness of the attached financial statements and
the other schedules of the report and declare that they have been examined by us and to the best of our
knowledge and belief have been prepared in conformance with the instructions issued and are true and
correct.
___________________________________ _________________________________/___/___
Signature of authorized officer Typed name and title Date signed
___________________________________ ________________________________/___/____
Signature of director Typed name and title Date signed
___________________________________ ________________________________/___/____
Signature of director Typed name and title Date signed
On this _______ day of _________________, before me, the undersigned notary public, personally
appeared the above named and proved to me through satisfactory evidence of identification, which
was/were the person(s) whose name(s) is/are signed on this document, and acknowledged to me that
he/she/they signed it voluntarily for its stated purpose.
My Commission Expires:
(Stamp or Seal)
______________________________________
Notary Public
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1.) Name and mailing address of parent entity, if any: _____________________________
____________________________________________________________________
2.) Fiscal year end date used by the Licensee: __________________________________
3.) Individual to contact with respect to scheduling examinations:
Name ________________________________ Title ___________________________
Address _______________________________ Room # _________ Floor _________
City _____________________________ State _________ Zip Code _____________
Phone # ______________________________ Fax # __________________________
Email ________________________________
4.) Addresses of offices where records relating to Massachusetts transactions are kept:
A) All closed mortgage loans: ____________________________
_____________________________________________________________________
B) Withdrawn or rejected loan applications: __________________________________
_____________________________________________________________________
C) Financial / accounting operations: _______________________________________
_____________________________________________________________________
5.) Please list the Licensee‟s website(s) ________________________________________
______________________________________________________________________
______________________________________________________________________
6.) During the current fiscal quarter has the Licensee serviced any mortgage loans, including loans
that the Licensee originated? YES _______ NO _______
If you answered YES, you must complete the DELINQUENT & NONINTEREST EARNING LOANS
and PAST DUE LOANS tables on pages 5-6 and the SERVICING PORTFOLIO table on page 7.
7.) At any time during the current fiscal quarter has the Licensee had access to a warehouse line of
credit to close loan applications? YES _______ NO _______
If you answered YES, you must complete the WAREHOUSING & RELATED LINES OF CREDIT
table on page 7.
8.) At any time during the current fiscal quarter has the balance of any of the Licensee‟s warehouse
lines of credit exceeded its limit, been suspended or terminated, or have any covenant(s) of the
Licensee‟s warehouse line agreements been violated?
YES _______ NO _______
If you answered YES, please attach an explanation.
9.) Does the Licensee offer FHA/VA loans? YES _______ NO _______
If yes, please provide your FHA I.D. number ____________________________
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10.) Is the Licensee licensed in multiple states? YES _____ NO _______
If you answered YES, please identify the other states ________________________________________
_______________________________________________________________________________________
11.) Does the Licensee have a MERS ID? YES ____ NO ___ MERS ID #________________
12.) Has the Licensee registered with the Massachusetts Foreclosure Database?
YES _____ NO _______
13.) During the current fiscal quarter has the Licensee been required to repurchase any loans?
YES _______ NO _______
If you answered yes, you must complete the REPURCHASED LOANS table on page 8.
14.a) Does the Licensee act in the capacity of a MORTGAGE BROKER in reverse mortgage
transactions?
YES _______ NO _______
* If the Licensee is acting as a MORTGAGE BROKER, list below the lender(s) to which reverse
mortgages are brokered.
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
14.b) Does the Licensee act in the capacity of a MORTGAGE LENDER in reverse mortgage
transactions?
YES _______ NO _______
* If the Licensee is acting as a MORTGAGE LENDER, list the investors to whom reverse mortgage
loans are sold to and/or assigned.
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
15.) Does the Licensee report certain data regarding home applications, originations, and purchases to
the Department of Housing and Urban Development (HUD) under the Home Mortgage Disclosure
Act (HMDA)?
YES _______ NO _______
16.) How many foreclosure sales were completed in Massachusetts for 2009? _____________________
Provide as an addendum to this report a delinquency report on all loans held in your portfolio. This
report must encompass the borrower‟s name, loan number, loan amount, last paid date, and next
due date. Also provide as an addendum a report of all loans charged off as of year end, including the
borrower‟s name, property address, loan number and loan amount. Finally, please submit an OREO
report (other real estate owned) listing all Massachusetts property currently held.
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FINANCIAL STATEMENTS
Licensees are required to submit, on a quarterly basis, financial statements that include a
Statement of Condition (Balance Sheet) and a year-to-date Income Statement. The financial
statements for the quarterly reports are not required to be audited, but must be prepared in
accordance with Generally Accepted Accounting Principles (“GAAP”); and may be prepared
internally or by an independent certified public accountant (“CPA”).
However, licensees are reminded that mortgage lenders are required to submit AUDITED financial
statements within ninety (90) days of the end of their fiscal year, prepared by an independent CPA
in accordance with Generally Accepted Accounting Principles, and in accordance with Generally
Accepted Auditing Standards (GAAS). Financial statements must include a Balance Sheet, Income
Statement, and a Statement of Cash Flows and all relevant notes thereto. In addition, if the
Licensee is a subsidiary, the Licensee must also submit the consolidated financial statements of
the parent company for the same period.
Please be advised that licensees should not mail paper financial statements to the Division.
Rather, licensees will be required to file financial statements as PDF files through the Nationwide
Mortgage Licensing System (NMLS). For technical assistance with this process, licensees are to
contact the NMLS or review instructions on their website,
http://mortgage.nationwidelicensingsystem.org.
PRODUCTION REPORT
ORIGINATED LOANS: The dollar amount and number of loans originated by the licensee (including direct
origination, wholesale, table funded, and correspondent loans), and does not include loans purchased from
another lender. Includes closed loans only. Pending applications in the origination process are NOT included.
Loans for which the company acted solely as a brokering agent are NOT included in this schedule, but the licensee
will be required to complete the Brokered Loan Report at the end of this document.
1- TO 4-FAMILY RESIDENCES: 1- to 4-unit residential mortgage loans including various loan types (FHA, VA,
Conventional Fixed-Rate, or Conventional ARM).
NOTE: This section pertains to Massachusetts residential property as defined by M.G.L. c. 255E, §1, only.
As of December 31, 2009
Originated Loans BIL MIL THOU # OF LOANS
1-4 Family Residences
First Mortgages......................................... _______ _______ _______ __________
Second Mortgages.................................... _______ _______ _______ __________
Open End Equity Lines............................. _______ _______ _______ __________
Reverse Mortgages………………………. _______ _______ _______ __________
Total 1-4 Family Residences................. _______ _______ _______ __________
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Please list the maximum rates, and maximum points and fees charged during the year for each category
as well as the number of 1st lien loans closed for each points range on Massachusetts residential property
as defined by M.G.L. c. 255E, §1.
“A” paper “A-” paper “B” paper “C” paper “D” paper
Highest interest rate ________ ________ ________ ________ ________
Highest # of % points ________ ________ ________ ________ _________
**************************************************************************************
Points charged 0 - 1.99 2.0 – 2.99 3.0 –3.99 4.0 – 4.99 5.0 or greater
on all 1st lien loans
Number of loans _______ ________ ________ ________ _________
If you answered YES to Question #6, complete the Delinquent & Non-interest Earning Loans and Past
Due Loans tables below:
DELINQUENT & NONINTEREST EARNING LOANS
(90 OR MORE DAYS PAST DUE)
as of fiscal quarter ended ____________________
DELINQUENT AND NONINTEREST EARNING LOANS: The dollar amount and number of all loans in the Licensee‟s
SERVICING portfolio whose interest payments are 90 or more days past due, are not earning interest, or are otherwise in
default. Foreclosed property is considered Real Estate Owned and should not be included in delinquency figures.
Foreclosure occurs when title to the property is received. Loans in the process of foreclosure should be included in
delinquency reporting.
Note: The information in this section should represent national data
BIL MIL THOU # OF LOANS
1-4 Family Residences
First Mortgages................................................. _______ _______ _______ __________
Second Mortgages............................................ _______ _______ _______ __________
Open End Equity Lines..................................... _______ _______ _______ __________
Total Delinquent & Nonint. Earning Loans .. _______ _______ _______ __________
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Note: The information in this section should represent Massachusetts data
BIL MIL THOU # OF LOANS
1-4 Family Residences
First Mortgages................................................. _______ _______ _______ __________
Second Mortgages............................................ _______ _______ _______ __________
Open End Equity Lines..................................... _______ _______ _______ __________
Total Delinquent & Nonint. Earning Loans .. _______ _______ _______ __________
PAST DUE LOANS
as of fiscal quarter ended ____________________
PAST DUE LOANS: A loan will be considered „past due‟ for the purpose of this Annual Report when the borrower fails to
submit a scheduled payment for 30-90 days after the date scheduled for payment.
Note: The information in this section should represent national data
BIL MIL THOU # OF LOANS
1-4 Family Residences
30-60 days past due......................................... _______ _______ _______ __________
60-90 days past due......................................... _______ _______ _______ __________
Total Past Due Loans .................................... _______ _______ _______ __________
Note: The information in this section should represent Massachusetts data
BIL MIL THOU # OF LOANS
1-4 Family Residences
30-60 days past due......................................... _______ _______ _______ __________
60-90 days past due......................................... _______ _______ _______ __________
Total Past Due Loans .................................... _______ _______ _______ __________
6/27/10 6
If you answered YES to Question #6, complete the Servicing Portfolio table below:
SERVICING PORTFOLIO
as of fiscal quarter ended ____________________
The items in this section constitute the entire portfolio of loans for which your company provides servicing.
SERVICING FOR COMPANY AND NONAFFILIATES: The unpaid balance (UPB) in the dollar amount and number of
loans for which the Licensee provides servicing. Include loans originated by the Licensee and kept in portfolio as well as
loans and servicing rights purchased.
1- TO 4-FAMILY RESIDENCES: 1- to 4-unit residential mortgage loans including various loan types (FHA, VA,
Conventional Fixed-Rate, or Conventional ARM).
UPB OF MA LOANS SUBSERVICED FOR OTHERS: Massachusetts loans that the Licensee is servicing, as a
subcontractor, for other servicing companies.
UPB OF MA LOANS SUBSERVICED BY OTHERS: Massachusetts loans that are serviced by other companies, as
subcontractors, for your company.
NOTE: This section pertains to Massachusetts residential property as defined by M.G.L. c. 255E, §1, only.
BIL MIL THOU # OF LOANS
1-4 Family Residences
First Mortgages................................................ _______ _______ _______ __________
Second Mortgages.......................................... _______ _______ _______ __________
Open End Equity Lines................................... _______ _______ _______ __________
Total 1-4 Family Residences......................... _______ _______ _______ __________
UPB* of MA Loans Subserviced for Others..... _______ _______ _______ __________
UPB* of MA Loans Subserviced by Others...... _______ _______ _______ __________
If you answered YES to Question #7, complete the Warehousing & Related Lines of Credit table below:
WAREHOUSING & RELATED LINES OF CREDIT
as of fiscal quarter ended ____________________
List the lending institution, total available amount, outstanding balance and expiration date of the
Licensee‟s four largest warehouse lines of credit. If the Licensee maintains fewer than four lines
of credit, please list all.
Warehouse Lines TOTAL LINE OUTSTANDING EXP. DATE
BALANCE
1) _________________________________ $______________ $______________ __________
2) _________________________________ $______________ $______________ __________
3) _________________________________ $______________ $______________ __________
4) _________________________________ $______________ $______________ __________
6/27/10 7
If you answered YES to Question #13, complete the Repurchased Loans table below:
REPURCHASED LOANS
REPURCHASED LOANS: Any mortgage loan that the licensee was required to buyback, or repurchase, under the terms
of any sale or transfer agreement with an investor (collectively, the “Agreement”) governing such loans. The obligation to
buyback the mortgage loan(s) may have been initiated by the occurrence of certain events including, without limitation,
the licensee‟s breach of any representation, covenant, or warranty of the Agreement(s); a defect in the origination of the
mortgage loan; or any other condition(s) set forth in the Agreement(s).
Note: The information in this section should represent national data
AS OF FISCAL QUARTER ENDING_________ YTD
BIL MIL THOU # OF # OF LOANS
LOANS FOR 2009
1-4 Family Residences
First Mortgages...................................... _______ _______ _______ __________ ___________
Second Mortgages................................. _______ _______ _______ __________ ___________
Open End Equity Lines.......................... _______ _______ _______ __________ ___________
Total Repurchased Loans………..…. _______ _______ _______ __________ ___________
Note: The information in this section should represent Massachusetts data
AS OF FISCAL QUARTER ENDING_______ YTD
BIL MIL THOU # OF # OF LOANS
LOANS FOR 2009
1-4 Family Residences
First Mortgages...................................... _______ _______ _______ __________ ___________
Second Mortgages................................. _______ _______ _______ __________ ___________
Open End Equity Lines.......................... _______ _______ _______ __________ ___________
Total Repurchased Loans………..…. _______ _______ _______ __________ ___________
6/27/10 8
PIPELINE REPORT
as of fiscal quarter ended _________________
TOTAL COMMITMENTS: – Aggregate of agreements between lender and borrower to loan money at a future date.
FALL OUT RATE: – Loans that did not close for the following reasons as a percentage of closed loan inventory:
1) Applicant and/or property were not approved by underwriter.
2) Property did not sell.
3) Applicant chose a competitor.
FUNDING SOURCES Amount
1. Portfolio.............................................................................................. $ ___________________
2. Other Funding Sources, excluding table funding
(i.e., FNMA, lines of credit, affiliates ,etc.).....................................
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
Total Other Funds........................................................ $ ___________________
3. Table Funded Loans (list investors)...................................................
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
_______________________________________________________ $ ___________________
Total Table Funds........................................................ $ ___________________
Total Available Funds ................................................ $ ___________________
Total Mortgage Commitments $ _______________________ # of Loans ___________
Total Massachusetts Commitments $ _______________________ # of Loans __________
Fall out rate for the fiscal quarter ended ______________________: ______________%
6/27/10 9
LIST OF THOSE TO WHOM A SALARY, COMMISSION OR FEE WAS PAID BY THE LICENSEE
FOR THE ORIGINATION OF A MASSACHUSETTS RESIDENTIAL MORTGAGE LOAN APPLICATION
FROM JANUARY 1, 2009 TO DECEMBER 31, 2009
NAME MLO LICENSE NUMBER OFFICE LOCATION DATES OF
EMPLOYMENT
(TO-FROM)
(If you need more space, you should copy this page)
6/27/10 10
BROKERED LOAN REPORT
for the fiscal quarter ended ____________________
Lenders who also hold a broker’s license must complete this section. Only list loans and broker fees for
residential property in Massachusetts where you did not appear as the lender on the note.
AS OF FISCAL QUARTER ENDING_______ YTD
Brokered Loans BIL MIL THOU # OF LOANS # OF LOANS
for 2009
1-4 Family Residences
First Mortgages................................................. _______ _______ _______ __________ _________
Second Mortgages........................................... _______ _______ _______ __________ _________
Open End Equity Lines..................................... _______ _______ _______ __________ _________
Reverse Mortgages……………………………. _______ _______ _______ __________ _________
Total Massachusetts Brokered Loans......... _______ _______ _______ __________ _________
Broker Fees charged for the calendar year ended December 31, 2009
“A” paper “A-” paper “B” paper “C” paper “D” paper
Highest interest rate ________ ________ ________ ________ ________
Highest # of % points ________ ________ ________ ________ _________
6/27/10 11
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