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This opinion was issued in the 1st quarter of 2000.
After completion of a reorganization, a Massachusetts licensed mortgage lender will become a direct subsidiary of a federal savings bank. Massachusetts General Laws chapter 255E, section 2 exempts from mortgage lender and mortgage broker licensing a federal savings bank, or any subsidiary thereof. Thus, it is the position of the Division that a Massachusetts licensed mortgage lender that becomes a direct subsidiary of a federal savings bank as a result of a reorganization does not need to be licensed as a mortgage lender in the Commonwealth.
Further, it has been the consistent position of the Division that Massachusetts General Laws chapter 255E does not require licensing of servicers of outstanding mortgage loans or purchasers of such loans. However, when the servicing of a mortgage loan consists of collecting a mortgage payment which is more than 30 days past due, it becomes a "debt" under Massachusetts' law and a collection agency license would be required under Massachusetts General Laws chapter 93, section 24 and its implementing regulation 209 CMR 18.00 et seq.