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How to get Massachusetts Mortgage Loan Originator Prelicensing Education PE and MA Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your MA 20 Hour Prelicense Education PE Course Bundle
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your Massachusetts MLO License through the NMLS system prompt you at this point for your next steps after opening your MA Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
Massachusetts NMLS Approved Prelicensing Education (PE)
In addition to the initial 20 hours of SAFE education, Massachusetts requires 3 hours of MA state law instruction. Our Massachusetts comprehensive course bundle above includes the 20 hour SAFE course online, an extremely successful included test preparation program and your fast and easy to complete narrated 3 hour MA law course. Massachusetts has adopted the Uniform State Test. New MLOs in Massachusetts are required to pass both the National MLO SAFE Exam with Uniform State Content included.
Note: Massachusetts follows the NMLS PE Expiration Policy. PE generally expires after 3 years of not holding a federal registration, or a license in any jurisdiction. See the NMLS Education FAQs for further information.
Note: 3 hours of the required PE must be instruction on MA specific law and regulations. These credits will generally expire after 3 years of not holding a Massachusetts MLO license.
Massachusetts Mortgage Loan Originator MLO Continuing Education Requirements
If you are already a licensed MLO in the state of Massachusetts you don't need to take PE (unless you have been instructed by the NMLS to do so). You do need to complete at least 8 Hours of NMLS approved continuing education CE with 1 hour of training on MA state law every year following the year of completion for your initial 20 hour SAFE Comprehensive Course PE requirements. Check out our Massachusetts Continuing Education page for more details.
Massachusetts Mortgage Regulator Contact Information
Contact MA Division of Banks licensing staff by phone at (617) 956-1500 ext. 61480 or send your questions via email to nmls@mass.gov for additional assistance.
For Overnight Delivery & For U.S. Postal Service:
Massachusetts Division of Banks
Attn: Mortgage Loan Originator Licensing Unit
1000 Washington Street
10th floor
Boston, MA 02118-2218
How much does a MA MLO license cost? Masschusetts Mortgage Loan Originator Licensing Costs $696.25 itemized as follows
NMLS Initial Processing Fee: $30
MA License Fee: $500
MA Investigation Fee: $115
Credit Report: $15
FBI Criminal Background Check: $36.25
Massachusetts MLO NMLS Checklist to see the MA MLO License Requirements
Who has to be licensed in MA as an MLO MA Processor?
Any natural person who for compensation or gain or in the expectation of compensation or gain: (I) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan. Sole proprietors licensed as mortgage brokers or mortgage lenders by the Division, as well as owners, officers and directors of entities licensed as mortgage lenders or mortgage brokers, are required to be licensed as mortgage loan originators in Massachusetts if they meet the definition above.
Applicants are not authorized to engage in activities as a mortgage loan originator in the Commonwealth of Massachusetts until they have obtained licensure in Massachusetts.
Massachusetts Mortgage Broker Licensing Information
Definition of MA Mortgage Broker Changed effective 05/27/2022 see redlined PDF here:
- 209 CMR 42.00: The Licensing of Mortgage Lenders and Mortgage Brokers – Final Amendments Redlined – Effective 5/27/22
Mortgage Broker means any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on residential property for others. A person who collects and transmits information regarding a prospective mortgage loan borrower to a third party and conducts any one or more of the following activities is a mortgage broker:
(a) collects a prospective mortgage loan borrower’s Social Security number;
(b) views a prospective mortgage loan borrower’s credit report;
(c) obtains a prospective mortgage loan borrower’s authorization to access or view the prospective mortgage loan borrower’s credit report or credit score;
(d) accepts an application, as defined under 12 CFR § 1026.2(a); or
(e) issues a prequalification letter.
Who has to get a Massachusetts Mortgage Lender License? See Licensing Information MA Lender License Requirements
Any company or person who engages in the business of making mortgage loans, or issuing commitments for mortgage loans on Massachusetts residential property. Residential property is defined as an owner-occupied, one to four family dwelling located in the Massachusetts.
Licensees may hold both a mortgage broker and mortgage lender license in Massachusetts.
Please see Massachusetts General Laws chapter 255E, section 2 and prior published opinions issued by the Division for further details and additional exemptions. Notwithstanding the exemption from the Massachusetts license requirement, exempt entities may still be subject to other provisions of law governing the mortgage industry in Massachusetts, including limitations on permissible loan terms and other consumer protection statutes and regulations.
Massachusetts notes
MA DOB Examination Policy: https://www.mass.gov/regulatory-bulletin/11-101-examination-policy
Note: Applicable statutory provisions governing the licensing of loan originator applicants require that applicants demonstrate financial responsibility consistent with General Laws chapter 255F, section 4 and the Division’s regulation 209 CMR 41.04(2)(a). Applicants are encouraged to consider whether they will be able to satisfy these standards prior to submitting a license application and paying the nonrefundable fees.
IN ACCORDANCE WITH THE DIVISION’S REGULATION 209 CMR 41.04(3): Mortgage loan originator license applications which are missing material information shall be held in an incomplete status for a period of 14 calendar days after written notice to the Applicant specifying the nature of the deficiency. If any such deficiency remains outstanding for more than 14 days, the license application may be considered abandoned by the Applicant and terminated by the Commissioner. Thereafter, the Applicant would be required to submit a new application and pay all fees associated therewith to be considered for the loan originator license.
Note: Any application approved prior to November 1st of any given year is subject to renewal (including fees) for that year.
MA Mortgage Broker MA Mortgage Lender License exemptions effective 05/27/2022 42.02A: Licensing Exemptions
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 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 twelve 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 twelve consecutive months shall not be required to obtain a mortgage broker license;
(5) Banks as defined in 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 first, nineteen hundred and fifty which makes no more than twelve mortgage loans during a twelve month period;
(10) a real estate broker or real estate salesman as defined in 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 the foregoing, 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.