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It shall constitute an unfair or deceptive act or practice for a creditor to fail to provide to a debtor or an attorney for a debtor the following, within five business days after the initial communication with a debtor in connection with the collection of a debt, unless the following information is contained in the initial communication or the debtor has paid the debt: A statement that if the debtor notifies the creditor in writing within 30 days after receipt of this notice that the debt, or any portion thereof is disputed, the creditor will obtain verification of the debt and provide the debtor, or any attorney for the debtor, additional materials described in subsection (2) of this section.If the debtor, or any attorney for the debtor, notifies the creditor in writing within the 30-day period described in subsection (1) of this section, that the debt, or any portion thereof, is disputed, the creditor shall cease collection of the debt, or any disputed portion thereof, until the creditor verifies the debt and provides the debtor, or any attorney of the debtor, by first class mail, the following materials: A ledger, account card, account statement copy, or similar record, whether paper or electronic, which reflects the date and amount of payments, credits, balances, and charges concerning the debt, including but not limited to interest, fees, charges or expenses incidental to the principal obligation which the creditor is expressly authorized to collect by the agreement creating the debt or permitted to collect by law; Pursuant to this section, the creditor must provide those materials described in subsection (2)(a) through (d) which are in the possession, custody or control of the creditor.Does all this mean to say there is no point in automating the mortgage process? It is a very positive thing as long as it meets two criteria: that it has more advantages for the client than for the bank and that it is an alternative, not the only way to contract a loan to buy a house.So much stuff has been written advising people to get their debts validated.It is important to note that if a creditor is trying to collect on a debt you believe is not valid then you must immediately write to the creditor, or collector and dispute the validity of the debt.You must do this within 30 days of being initially contacted.If the creditor does not possess, have custody of, or control the materials described in subsections (2)(a) through (d), the creditor shall cease collection of the debt until the creditor has made reasonable efforts to obtain the necessary information and provide this information to the debtor.For me the most important section is the one that defines exactly what information is needed to provide a validation of the debts. All documents, including electronic records or images, which bear the signature of the debtor and which concern the debt being collected; A ledger, account card, account statement copy, or similar record, whether paper or electronic, which reflects the date and amount of payments, credits, balances, and charges concerning the debt, including but not limited to interest, fees, charges or expenses incidental to the principal obligation which the creditor is expressly authorized to collect by the agreement creating the debt or permitted to collect by law; That’s a fairly extensive list of documentation required by the State of Massachusetts but it is not unreasonable to expect a creditor should be able to provide you with this information.
Some would argue that with the recent Mortgage Market Review things have even gone too far the other way in this regard, with lenders now having to do much more stringent checking of potential borrowers than they were required to even before the subprime lending boom and subsequent crash.
Experts acknowledge that progress is being made in this area: you can apply for a loan for the purchase of a home on the internet and even receive approval from a bank.