Verify Licenses for Mortgage Lenders, Brokers, or Loan Originators in Massachusetts for Consumers
The Division of Banks licenses and examines mortgage lenders, brokers, and loan originators. Mortgage lenders making 50 or more home mortgage loans in the previous calendar year are examined to assess their record of meeting the mortgage credit needs of the Commonwealth, including low-and moderate-income neighborhoods and consumers, consistent with safe and sound lending practices.
- What Consumers Should Know About Verifying a License for Mortgage Lenders, Brokers, and Loan Originators
- What Consumers Should Know About The Nationwide Multi-State Licensing System (NMLS)
- Relevant Statutes & Regulations for Mortgage Lenders, Brokers, and Loan Originators
- Additional Mortgage Lenders, Brokers, and Loan Originators Resources for Consumers
What Consumers Should Know About Verifying a License for Mortgage Lenders, Brokers, and Loan Originators
- Mortgage lenders, are considered any persons engaged in the business of making mortgage loans or issuing commitments for mortgage loans.
- Mortgages brokers, are considered any persons who directly or indirectly negotiates, places, assists in placement, or finds mortgage loans on residential property for others for compensation or gain, or in the expectation of compensation or gain. Mortgage brokers may also offer to negotiate, place, assist in placement or find mortgage loans on residential property for others.
- Loan Originators, are considered any persons who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers/negotiates terms of a residential mortgage loan.
- All licenses can be verified using the Nationwide Multi-State Licensing System (NMLS).
What Consumers Should Know About The Nationwide Multi-State Licensing System (NMLS)
- NMLS is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state.
- License information for mortgage lenders, brokers, and loan originations can be found using the NMLS.
- The NMLS also contains licensing/registration information on consumer finance, debt and money service companies, branches, and individuals licensed by state and federal regulatory agencies participating in NMLS.
- Updates to the NMLS are made nightly on business days in order to ensure the most current information is available to consumers.
- Access the NMLS
Relevant Statutes & Regulations for Mortgage Lenders, Brokers, and Loan Originators
- Division of Banks Regulation 209 CMR 54.00: Mortgage Lender Community Investment
- Massachusetts General Laws Chapter 184 § 17B: Mortgage Loan Application; Real Estate Consisting of a Certain Dwelling House; Required Statements & Information
- Massachusetts General Laws Chapter 255E: Licensing of Certain Mortgage Lenders & Brokers
- Massachusetts General Laws Chapter 255F: Licensing of Mortgage Loan Originators
- 209 CMR 41.00: The Licensing of Mortgage Loan Originators
- 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers
Additional Mortgage Lenders, Brokers, and Loan Originators Resources for Consumers
- Find a Mortgage Lender Community Investment Evaluation
- The Division examines licensed mortgage lenders making 50 or more home mortgage loans in the previous calendar year, to assess their record of helping to meet the mortgage credit needs of the Commonwealth, including low- and moderate-income neighborhoods and individuals, consistent with safe and sound lending practices.
- Consumer Financial Protection Bureau (CFPB) Mortgage Center
- Submit a Complaint to the Division Regarding a Massachusetts State Licensed Mortgage Lender, Broker, or Loan Originator
- Verify Licenses Using the Nationwide Multistate Licensing System (NMLS)
- Download a List of Approved Licensees