Physical Location Required

Individual Loan Officer Licensing Required?

Testing Required to Become Loan Officer?

Part of the Nationwide Mortgage Licensing System?

License Required for Loan Modification?

Yes

Broker Requirements:

(1) $115 Investigation Fee

(2) Licensing Fees (not paid until application is approved)

(3) Summary/Resume showing past 10 yrs experience

(4) 3 letters of reference (professional only & one must be from a bank)

(5) Recent 2 yrs of personal financials (do not need to be CPA audited, but DO need to be prepared according to GAAP)

(6) New entities need to be capitalized with sufficient capital to maintain consistent positive net worth

(7) Credit Report dated within last 30 days

(8) Registered Agent or attorney if not located within the state (must have Commissioner approval)

(9) Provide Record Keeping Plan (must be approved and submitted with application).

Loan Officer Requirements:

(1) 18 Years of Age

(2) Completion of a Residential Mortgage Lending course (approved by the MA Division of Banks)

(3) $115 license application fee

(3) $500 annual license fee

Massachusetts Division of Banks

One South Station

Boston, MA 02110

Phone: 617.956.1500 (ext. 540 for license application info)

Fax: 617.956.1599

TDD: 617.956.1577

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