Mortgage licensing / Massachusetts

Massachusetts Student Loan Servicer License

company licence · NMLS MASTUDENTLNSERVICER_C · DOB

Requirements (27)

1. Step 1

   Submission of Company Form (MU1): Complete and submit the Company Form (MU1) in NMLS. This form serves as the application for the license through NMLS.

   Submitted via: NMLS

2. Step 2

   Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

3. Step 3

   Financial Statements: Upload a financial statement for the applicant that has been audited by an independent Certified Public Accountant, prepared in accordance with Generally Accepted Accounting Principles (GAAP), in U.S. dollars as of your most recent fiscal year end. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows, Statement of Stockholders’ Equity and all relevant notes thereto. If the applicant is a start-up company and has not conducted any business, it may submit an initial Balance Sheet that has been audited or reviewed by an independent Certified Public Accountant. Audited financial statements should be prepared in accordance with Generally Accepted Auditing Standards (GAAS), issued by the American Institute of Certified Public Accountants (AICPA). If audited or reviewed financials statements are not available, the applicant may submit unaudited financial statements along with audited consolidated financial statements of its parent. A Student Loan Servicer Applicant must demonstrate financial responsibility and demonstrate and maintain a positive net worth pursuant to Division of Banks Regulation 209 CMR 18.03(2)(a). Failure to submit compliant financial statements may result in immediate termination of the application. Note: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link. See the Financial Statements Quick Guide for instructions.

   Submitted via: NMLS

4. Step 4

   Profitability: Failure to exhibit sustained profitability for at least two consecutive years, and the presence of net losses and/or increasing losses will require a detailed written Letter of Explanation for review. Note: Letters of Explanation will be evaluated but are not a guarantee of acceptance or continued application review.

   Submitted via: Upload in NMLS: under the Document Type Additional Requirements in the Document Uploads section of the Company Form (MU1).

5. Step 5

   Financial Statements: In addition to the applicant’s most recent fiscal year-end financial statements that you are required to upload to the NMLS, submit the applicant’s financial statements for prior two fiscal years. All financial statements must be prepared in accordance with Generally Accepted Accounting Principles (GAAP). If audited financial statements have not been prepared, the applicant must submit financial statements for the prior two fiscal years, signed under the pains and penalties of perjury by an officer or director of the applicant. Note: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link. See the Financial Statements Quick Guide for instructions.

   Submitted via: NMLS

6. Step 6

   Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). If the applicant intends to operate under more than one trade name or DBA designation, separate “Other Trade Name (OTN) licenses” are required for each additional trade name. However, the applicant should not apply for any OTN “licenses” through NMLS until they are approved and licensed to conduct business in Massachusetts. When adding the additional trade names, the licensee must apply for separate company “[License Type] – Other Trade Name [#] licenses” in the License /Registration section of the Company Form (MU1). A licensee may apply for up to 8 OTN “licenses” per business license type. The fees associated with each OTN “license” are equal to the corresponding company license fees, and all fees collected through NMLS are non-refundable. It is the applicant’s responsibility to ensure that all names are properly registered with the required municipality or government agency.

   Submitted via: NMLS

7. Step 7

   The following parameters regarding trade names and/or use of multiple trade names have been established: 1) The trade name may not be a separate legal entity from the applicant; and 2) Licensees must consistently use one single trade name when dealing with a consumer over the life of the loan agreement, installment contract, credit application, debt obligation, remittance transaction, cashing or sale of a check, money order, etc.

8. Step 8

   Resident/Registered Agent: The Resident/Registered Agent, the entity that will receive service of legal process on behalf of the applicant or licensee must be listed under the Resident/Registered Agent section of the Company Form (MU1), and must match the information currently on record with Secretary of the Commonwealth of Massachusetts.

   Submitted via: NMLS

9. Step 9

   Primary Contact Employees: The following individuals must be entered into the Contact Employees section of the Company Form (MU1). • Primary Company Contact • Primary Consumer Complaint Contact

   Submitted via: NMLS

10. Step 10

    Non-Primary Contact Employees: Massachusetts requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). • Accounting • Exam Billing • Licensing • Consumer Complaint (Public) • Exam Delivery • Litigation • Consumer Complaint (Regulator) • Legal • Pre-Exam Contact

    Submitted via: NMLS

11. Step 11

    Bank Account: Bank account information is not required. The Bank Account section of the Company Form (MU1) can be left blank.

12. Step 12

    Disclosure Questions: Provide a complete and detailed explanation and document upload for each “Yes” response to Disclosure Questions made by the company or related control persons (MU2). See the Company Disclosure Explanations Quick Guide for instructions.

    Submitted via: Upload in NMLS in the Disclosure Explanations section of the Company Form (MU1) or Individual Form (MU2).

13. Step 13

    Qualifying Individual: An on-site manager is required to be appointed for the applicant’s main office location. This individual, referred to as the Location Manager in Massachusetts, must be listed in the Qualifying Individual section of the Company Form (MU1) and his/her business address must match the address listed as the “Main Address” on the MU1.

    Submitted via: NMLS

14. Step 14

    Control Person (MU2) Attestation: Complete the Individual Form (MU2) in NMLS. This form must be attested to by the applicable control person before it is able to be submitted along with the Company Form (MU1). Please review the NMLS Policy Guidebook for more information on the definition of Control and Control Person.

    Submitted via: NMLS

15. Step 15

    Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Individuals in a position of control are required to authorize a credit report through NMLS. Individuals will be required to complete an Identity Verification Process (IDV) along with an individual attestation before a license request for your company can be filed through NMLS. This authorization is made when the Individual Form (MU2) is submitted as part of the Company Form (MU1).

    Submitted via: NMLS

16. Step 16

    MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. After authorizing an FBI criminal background check through the submission of the Company Form (MU1) and Individual Form (MU2), you must schedule an appointment to be fingerprinted if new prints are required. See the Criminal Background Check section of the NMLS Resource Center for more information. Note: If you are able to ‘Use Existing Prints’ to process the FBI criminal background check, you DO NOT have to schedule an appointment. NMLS will automatically submit the fingerprints on file.

    Submitted via: NMLS

17. Step 17

    Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Visit ESB for NMLS Licensees of the NMLS Resource Center for more information about the Electronic Surety Bond process. An Electronic Surety Bond in the amount of $25,000 is required. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

    Submitted via: Electronic Surety Bond in NMLS

18. Step 18

    Business Plan: Upload a business plan outlining the following information: • Describe all financial products and services available to borrowers • Type of student loans the applicant intends to service (federal and/or private student loans) • Sources and methods of obtaining loans and portfolios • Outsourced servicing activities • Efforts to minimize delinquency and default • Operating structure the applicant intends to employ • List of all subservicers (if applicable) This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

    Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

19. Step 19

    Certificate of Authority/Good Standing Certificate: Upload a State-issued and approved document by the Secretary of the Commonwealth of Massachusetts, dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in Massachusetts. This document should be named MA Certificate of Authority OR MA Certificate of Good Standing.

    Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

20. Step 20

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Sole Proprietor • Business Registration, if applicable Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation • Documents requested of a Corporation; and • Proof of nonprofit status • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • statement from a State taxing body or the State attorney general certifying that: (i) the entity is a nonprofit organization operating within the State; and (ii) no part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments)

    Submitted via: Upload in NMLS: under the Document Type Formation Document in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

21. Step 21

    W-9 Form: Obtain a Form W-9 from the IRS website. Complete and submit the form for the applicant. Please be advised that any applicant who is a sole proprietor must obtain an IRS Employee Identification Number. For the purposes of this application, do not submit a W-9 Form with a social security number provided. This document should be named MA - Form W-9

    Submitted via: Upload in NMLS: under “Additional Requirements” in the Document Uploads section of the Company Form (MU1).

22. Step 22

    EIN Assignment Letter: Upload a copy of the Employer Identification Number (EIN) Assignment Letter issued by the IRS. This Document should be name EIN Assignment Letter – Applicant Name

    Submitted via: Upload in NMLS: under the Document Type Additional Requirements in the Document Uploads section of the Company Form (MU1)

23. Step 23

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under the Document Type Management Chart in the Document Uploads section of the Company Form (MU1).

24. Step 24

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart – Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single organizational chart.

    Submitted via: Upload in NMLS: under the Document Type Organizational Chart/Description in the Document Uploads section of the Company Form (MU1)

25. Step 25

    Parent Financial Statements: IF APPLICABLE Submit current (YTD) and two prior years’ financial statements for the parent corporation(s), partnership(s), trust(s), or Limited Liability Company(s) who directly own 10% or greater, or indirectly own 25% or greater, of the applicant. The requirements for these financial statement requirements are the same as for the applicant (see above). FINANCIAL STATEMENTS ARE NOT REQUIRED FOR PARENT COMPANIES THAT ARE CURRENTLY LICENSED IN MASSACHUSETTS. This document should be named [Parent Company Legal Name] – Financial Statement.

    Submitted via: Upload in NMLS: under “Additional Requirements” in the Document Uploads section of the Company Form (MU1)

26. Step 26

    Licensing Activity: Provide a list of all jurisdiction(s) where the applicant is licensed/registered to conduct business. Please include the license/registration name and the license/registration number. You do not need to include states or jurisdictions that participate in the NMLS for licensing/registering. This document should be named [Company Legal Name – MA License/Jurisdiction List].

    Submitted via: Upload in NMLS: under “Additional Requirements” in the Document Uploads section of the Company Form (MU1)

27. Step 27

    Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2). This document should be named Credit Report Explanations – Individual Name – Document Creation Date.

    Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2)

General information

Other Massachusetts mortgage licenses

• Automatic Federal Student Loan Servicer License
• Mortgage Broker License
• Mortgage Broker License
• Mortgage Lender License
• Mortgage Lender License
• Mortgage Loan Originator License
• All 9 Massachusetts licenses

Sourced from the NMLS/CSBS state licensing record, last updated April 30, 2026. Requirements change — confirm against the state agency before filing. Not legal advice.