By the Division of Banks

Licensing Requirements For Mortgage Lenders Affiliated With Federally-Chartered Savings Banks

It has been the long-standing position of the Division that federally-chartered savings banks and their direct subsidiaries, among other entities, are exempt from the licensing requirements of Mass. Gen. Laws chapter 255E. Such an exemption does not extend to a mortgage company that, although a direct subsidiary of a bank holding company, is an affiliate of a federally-chartered savings bank. Consequently, a bank affiliate may not be exempt from the licensing requirements of said chapter 255E even though the bank itself is exempt.