Question: My mortgage loan application was denied, because the mortgage broker claims my loan to value ratio is too high. He always confuses me with technical lingo and jargon. I never really trusted him. If I want a second opinion, do I have to start over again with a new mortgage broker?

Answer: So, you are looking for a second opinion without having to endure the hassle of starting from scratch. You have another option: the Massachusetts Mortgage Review Board.

The Massachusetts Division of Banks set up a group of lenders and community leaders to provide an independent, unbiased review of borrowers who feel their loan applications are denied on an unreasonable basis. If you request their review, you don’t have to duplicate your efforts. Your prior mortgage broker is required to send all the information in to the board for review. Depending upon how busy they are, you may get an answer in 45 days either agreeing or contesting your denial.

If the board disagrees with your mortgage broker’s opinion, you may have hope. The board can require the mortgage broker to reconsider its denial. If the board does not decide in your favor, you can always get a third opinion by a judge. Lawsuit options exist for unreasonable or discriminatory denials.

Priority Law can advise you on real estate transactions.

This article was originally published in the Lowell Sun and is for informational purposes only and not to be relied on as legal advice, in any manner.