Out-Of-State Banks Making Mortgage Loans In The Commonwealth
Any person or entity which makes 5 or more residential mortgage loans in a consecutive 12 month period must obtain a mortgage lender's license from the Commissioner of Banks under Mass. Gen. Laws chapter 255E. However, any bank, trust company, savings bank, savings and loan association, credit union or insurance company organized under the laws of any other state is exempt from the license requirement under Mass. Gen. Laws chapter 255E § 2. In regard to the separate issue of registering to conduct business in Massachusetts, the Office of the Secretary of State registers foreign corporations doing business in the Commonwealth. For information regarding foreign corporation registration contact the Secretary of State's Corporations Division at (617) 727-2850.
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