The purpose of First Look is to assist lenders who are new to MassHousing as well as lenders who sell infrequently to secondary market investors. The design of the First Look is to support the ability to identify and address defects prior to closing of a mortgage loan. The results of First Look reviews will provide important and timely feedback to the lender to identify loans with defects (such as analysis or calculation errors, inaccurate data, or inadequate documentation) prior to closing and prevent the lender from delivering ineligible mortgage loans to MassHousing.
First Look is a pre-closing loan review and should not be understood to or automatically guarantee that the loan meets all mortgage eligibility requirements for sale to MassHousing. Additionally, MassHousing reserves the right under the Master Loan Purchase Agreement to request the repurchase of mortgage loans that are found not to be eligible for sale after loan purchase by MassHousing, as a result of an error, omission, misrepresentation, fraud or negligence that was not evident at the time of First Look review. Lenders will continue to send loans to MassHousing as complete file submissions until such time as they have sold a minimum of five first mortgage loans to MassHousing in the previous 12 months and demonstrated a proficiency at processing, underwriting, packaging and delivering loans to MassHousing.
For further information please see our Seller Guide.