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This opinion was issued in the 4th quarter of 1999.
A bank chartered in the state of Colorado and insured by the FDIC, with its buildings and facilities located in Colorado, and its administrative offices located in Virginia, seeks to directly originate and fund first mortgage loans as a mortgage broker to residential homeowners in the Commonwealth of Massachusetts. This activity would not be conducted through a bank subsidiary.
Massachusetts General Laws chapter 255E requires that any person or entity which makes five or more residential mortgages loans in a consecutive twelve-month period obtain a mortgage lender license from the Commissioner of Banks. However, section 2 of said chapter 255E establishes an exemption for "any bank, trust company, savings bank, savings and loan association, credit union, or insurance company organized under the laws of any other state." Since the bank is organized under the laws of the state of Colorado, it is exempt from the licensing pursuant to chapter 255E.