Mortgage Broker Acting As Real Estate Broker
There is no prohibition in Mass. Gen. Laws ch. 255E to prevent a real estate broker from being licensed as a mortgage broker in the Commonwealth. Nor does 209 CMR 42.00 address the issue of a real estate broker acting as and being compensated for providing services as a mortgage broker for the same transaction. An applicant must "possess the necessary educational and business experience to engage in the business of a mortgage broker" as required by 209 CMR 42.06. The Division recommends that an individual contemplating this dual licensure contact the Board of Registration for Real Estate Brokers in order to determine what restrictions apply to a real estate broker acting as a mortgage broker. Such an individual should also contact the federal Department of Housing and Urban Development for clarification of any federal statutes and regulations, particularly the Real Estate Settlement Procedures Act.