WBK Industry News - State Regulatory Developments

Massachusetts Amends Provisions Relating to Mortgage Loan Originator Licensing

The Massachusetts Division of Banks amended the regulations governing the procedures and requirements for the licensing and supervision of mortgage loan originators, which went into effect on January 10, 2020.

The amendments exempt employees of a “bona fide nonprofit affordable homeownership organization” and an “Instrumentality Created by the United States or any State” from MLO licensing requirements, and also defines both of those terms.