Should you have any questions with regard to this Industry Letter, please contact Deputy Commissioner Kevin Cuff at (617) 956-1500 extension 61539, or firstname.lastname@example.org.
To All Interested Parties:
The Division of Banks (the Division) has issued this Industry Letter to provide guidance regarding An Act Relative to Economic Development in the Commonwealth, Chapter 228 of the Acts of 2018 (the Act), which included amendments to the mortgage licensing laws under M.G.L. c. 255E (Chapter 255E) and M.G.L. c. 255F (Chapter 255F) . The amendments add a new mortgage licensing exemption to Chapter 255E for so-called “Bona fide nonprofit affordable homeownership organizations” (bona fide nonprofits). The Act also clarifies the existing mortgage licensing exemption for instrumentalities of the United States or any state (government instrumentalities) and adds corresponding exemptions for the mortgage loan originators who work for the specified nonprofit exempt entities.