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A mortgage lender is a direct subsidiary of a national banking association, which owns 70% of the shares in its common stock. Section 2 of chapter 255E requires that any person or entity originating 5 or more residential mortgage loans in a consecutive twelve month period must obtain a license from the Commissioner of Banks unless otherwise exempted. Said section 2 contains an exemption for a national banking association or any subsidiary thereof. Consistent with Opinion 99-182, (See Digest Of Selected Opinion 4th Quarter, 1999, pg. 2), it is the position of the Division that since the language of section 2 does not make a distinction between wholly-owned subsidiaries and subsidiaries which are not wholly-owned, a mortgage lender is exempt from being licensed as a mortgage lender in the Commonwealth, provided that the national banking association continues to be the majority owner of its common stock.