The following are not required to be licensed as a mortgage
broker or mortgage lender:
(1)
Bona fide nonprofit affordable homeownership organizations
determined by the Commissioner to be exempt from licensure pursuant to M.G.L.
c. 255E, § 2;
(2)
Instrumentalities created by the United States or any state;
(3) Mortgage lenders making fewer than five
mortgage loans within any period of 12 consecutive months shall not be required
to obtain a mortgage lender license; provided, however, that in computing the
number of mortgage loans, there shall be counted in the loans of more than one
partnership, association, trust or corporation, the majority interest of which
are owned or controlled directly or indirectly by the same person or persons,
partnerships, associations, trusts or corporations and including in the loans
of a partnership or company not incorporated the loans of the several members
thereof.
(4) Persons who act as a
mortgage broker fewer than five times within any period of 12 consecutive
months shall not be required to obtain a mortgage broker license;
(5) Banks as defined in M.G.L. c. 167, §
1, national banking associations, federally chartered credit unions, federal
savings banks, or any subsidiary or affiliate of the above;
(6) Insurance companies;
(7) Banks, trust companies, savings banks and
credit unions organized under the laws of any other state; provided, however,
that such provisions shall apply to any subsidiary or affiliate, as described
in
209 CMR
42.07;
(8) Any nonprofit, public or independent
post-secondary educational institution within the Commonwealth authorized by
law to grant degrees by the Commonwealth, or by any agency or instrumentality
thereof, for mortgage loans made by any such educational institution to its
faculty or staff;
(9) Any
charitable organization originally created by a last will and testament before
January 1, 1950 which makes no more than 12 mortgage loans during a 12-month
period;
(10) A real estate broker
or real estate salesman as defined in M.G.L. c. 112, § 87PP who, in
connection with services performed in a prospective real estate transaction,
provides mortgage information or assistance to a buyer if such real estate
broker or real estate salesman is not compensated for the same in addition to
the compensation received from the seller for such real estate services;
and
(11) Persons whose activities
are exclusively limited to collecting and transmitting one or more of the
following types of information regarding a prospective
mortgage loan borrower
to a third party:
(a) Contact
information;
(b) Property street
address;
(c) Type of
property;
(d) Property
use;
(e) Property zip
code;
(f) Estimated credit
score;
(g) Foreclosure and/or
bankruptcy history;
(h) Veteran or
military status;
(i) Estimated
existing home value;
(j) Existing
home mortgage loan payoff amount;
(k) Estimated cash out from refinance;
or
(l) Status as current FHA loan
borrower.
Notwithstanding 209 CMR 42.02A(11)(a) through (l), a person who
collects and transmits any information regarding a prospective mortgage loan
borrower to a third party and who receives compensation or gain, or expects to
receive compensation or gain, that is contingent upon whether the prospective
mortgage loan borrower in fact obtains a mortgage loan from the third party or
any subsequent transferee of such information, is required to be licensed as a
mortgage broker.
