Licensing And Education Requirements For Mortgage Brokers And Lenders - Q4 1998
Mass. Gen. Laws chapter 255E, section 2 sets forth the Commonwealth's licensing requirements for mortgage brokers and lenders. Persons who are employees of or who are working under the direction of a licensed mortgage broker or lender are exempt from this licensing requirement. For this exemption to be effective, the relationship must be exclusive, the licensee must complete a Statement of Accountability on behalf of the individual, and the individual must complete an Exemption Affidavit. The Division, in Opinions #97-061 and #96-221, requires that the individual be engaged primarily in the capacity of a mortgage broker or lender. Individuals who do not meet these requirements must apply for individual licenses.
The Division's Regulatory Bulletin 5.1-102, dated May 15, 1998, formalizes the experience and education requirements for mortgage lender and broker license applicants.