| Date: | 10/01/2000 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 00-166 |
This opinion was issued in the fourth quarter of 2000.
- This page, Summary of Selected Opinion 00-166, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 00-166
Table of Contents
Establishment of an LPO by an out-of-state bank
A Michigan state banking institution has a wholly owned subsidiary mortgage corporation, which holds a mortgage lender's license in the Commonwealth. Since the bank is a state-chartered banking institution in the State of Michigan, it would be exempt from being licensed as a mortgage lender or mortgage broker in this state provided that it operated under its own name. A subsidiary of such an out-of state institution is not exempt under section 2 of chapter 255E of the General Laws. In addition loan production offices are not governed by statute or regulation in the Commonwealth. An out-of-state bank may operate a loan production office in Massachusetts without any license or regulatory approval. Therefore, the bank may establish a loan production office in the Commonwealth without the approval of the Division.