Division of Banks

The Massachusetts Division of Banks participated in an historic mortgage servicing settlement in response to significant and far-reaching problems discovered in the residential mortgage servicing industry.  The $25 billion settlement is between 45 state regulatory agencies and the District of Columbia, 49 state attorneys general, a host of federal agencies, and the five largest mortgage servicing companies – Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc., and Ally Financial Inc.  To read more about the settlement and how it may provide relief for borrowers, click here.

Starting on April 16, 2012, the Division of Banks will expand its use of the Nationwide Mortgage Licensing System and Registry (NMLS) to manage Check Seller, Debt Collector, Foreign Transmittal Agency, Insurance Premium Finance Company, Motor Vehicle Sales Finance Company, Retail Installment Finance Company and Small Loan Company licenses.

Effective March 30, 2012, the Division of Banks will no longer accept paper applications for the above mentioned debt collector, consumer finance company and money services businesses licenses.  As of April 16, 2012 those companies wishing to apply for licensure must do so through NMLS.  Any paper company application received after March 30th will be returned to the applicant.  Please direct all inquiries to nmls@state.ma.us.