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- This page, Summary of Selected Opinion 00-146, is offered by
- Division of Banks
Opinion Summary of Selected Opinion 00-146
Table of Contents
Telephone screening calls for potential clients do not require a broker license
A licensed mortgage broker or lender(the "Company") retains an independent contractor for the limited purpose of placing phone calls to individuals listed in the prospective client database provided by the Company. The independent contractor will not negotiate any terms of the prospective mortgage, quote interest rates or loan amounts. Additionally the independent contractor will not obtain personal or financial information from individuals, perform any calculations designed to determine loan amount, or offer information as to the type of loan for which an individual may qualify. The independent contractor will be paid hourly and not on commission or other basis dependant on whether a mortgage loan is actually consummated.
Based on the information, the independent contractor's proposed activities would not fall into the definition of a mortgage broker set forth in M.G L chapter 255E sec. 1.