July 2, 2007
SUBJECT: Regulatory Bulletin 5.1-102
EXPERIENCE REQUIREMENTS FOR MORTGAGE LENDER AND MORTGAGE BROKER LICENSING
To the Chief Executive of the Licensed Entity:
This letter is to inform you that the Division of Banks (the "Division") has issued Regulatory Bulletin 5.1-102 (the "Bulletin") which sets forth the Division's revised policy relative to the education and experience requirements that applicants for licensure as mortgage lenders and mortgage brokers must satisfy in order to obtain such a license pursuant to General Laws chapter 255E and 209 CMR 42.00 et seq. The effective date of the Bulletin is July 2, 2007.
As you may recall, on May 17, 2007, the Division sent an industry letter with a copy of the proposed amendments to the Bulletin to licensed lenders and brokers as well as to related associations. The Division's industry letter notified interested parties that comments on the proposed revisions to the Bulletin would be accepted through June 8, 2007. The Division appreciates the time taken by those individuals who submitted comments on the proposed amendments.
Please note that based upon the comments received and the Division's reconsideration of the matter, the Division revised the business experience requirement for individuals performing in the capacity of a branch manager of a licensed mortgage lender or mortgage broker to require three years of prior industry experience. This change did not affect the revised requirement that an applicant for a mortgage lender license must provide evidence of five years of industry experience to obtain a license.
All licensed mortgage lenders and brokers should carefully review the Bulletin. If you have any questions, please feel free to contact Gregory E. Short, Deputy Commissioner, at (617) 956-1500, extension 547.
Very truly yours,
Steven L. Antonakes
Commissioner of Banks