Mortgage Lender Licensing Requirements For Mortgage Bankers Regulated By Another State
Any person or entity which engages in the business of making residential mortgage loans or issuing commitments for mortgage loans in Massachusetts must obtain a mortgage lender's license pursuant to Mass. Gen. Laws chapter 255E.
A lender making less than 5 mortgage loans in any 12 consecutive month period, however, is exempt from the licensing requirement pursuant to Mass. Gen. Laws chapter 255E, § 2. Also, an entity that funds a mortgage loan, which is closed in the name of another mortgage lender licensed in the Commonwealth, would not require a mortgage lender's license under the statute. However, an entity which funds a mortgage loan that is closed in such entity's name would require a mortgage lender's license pursuant to Mass. Gen. Laws chapter 255E.