209 CMR, § 41.03 - Licensing Exemptions
The following are not required to obtain a Mortgage Loan Originator license:
(1) Registered
Mortgage Loan Originators.
(2) Any
person offering or negotiating a residential mortgage loan with or on behalf of
an immediate family member.
(3) Any
person offering or negotiating a residential mortgage loan secured by a
dwelling that served as the individual's primary residence.
(4) Any person admitted to practice law in
the Commonwealth negotiating the terms of a residential mortgage loan on behalf
of a client as an ancillary matter to the person's representation of the
client, unless the person is compensated by a lender, a mortgage broker, or
other Mortgage Loan Originator or by any agent of such lender, mortgage broker,
or other Mortgage Loan Originator.
(5) Any person engaged solely as a loan
processor or underwriter, unless:
1. said
person is acting as an independent contractor; or
2. said person is employed by an independent
contractor that provides loan processing and underwriting services for
entities.
(6) Any person
that performs only real estate brokerage activities and is licensed or
registered pursuant to M.G.L. c. 112, §§ 87PP through 1/2 87DDD 1/2 ,
unless the person is compensated by a lender, a mortgage broker, or other
Mortgage Loan Originator or by any agent of such lender, mortgage broker, or
other Mortgage Loan Originator.
(7)
Any person solely involved in extensions of credit relating to timeshare plans,
as that term is defined in
11
U.S.C. §
101(53D).
Notes
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