Exemption From Licensing Requirement For Account Executives Performing Business Activities From Home - Q1 1999By the Division of Banks
A mortgage lender intends to permit account executives to perform certain business activities from their residence. The executives would have no contact with individual borrowers but only with mortgage brokers, would not hold out their residences in any way as affiliated with the lender, and essentially act as a conduit of mortgage applications to the regional processing centers. It is the position of the Division that the residences of account executives are not branch offices of the lender and no separate license would be required under Mass. Gen. Laws chapter 255E.