Licensing Requirements For Mortgage Loan Servicers - Q4 1998

Mass. Gen. Laws chapter 255E governs the licensing of mortgage lenders and brokers, but the Commonwealth does not require a license to service mortgage loans originated in the Commonwealth. Should an entity servicing home improvement loans seek to collect, in the Commonwealth, loan payments more than thirty days in default, on the behalf of the owner of the loan, the servicer must be licensed as a collection agency according to M.G.L. c. 93 § 24 and its implementing regulation 209 CMR 18.00 et seq.