The state of Massachusetts (MA) has finalized the language for their new mortgage broker bond requirement. The state worked with our agency’s President, JD Weisbrot in an effort to make the bond language acceptable to the surety industry as a whole. There were a couple of unacceptable drafts, but we are glad to say that the finalized bond form should be acceptable for all bonding companies. This will allow for more competitive rates and an easier approval process for all.
At JW Bond Consultants, Inc., we have added the Massachusetts surety bond to our “Instant Approval” mortgage broker bond program. The program offers online approvals at extremely competitive rates. Business and personal financial statements are not needed! Most qualify, as it is a unique program that only our agency has authority to write. You can get a free quote within minutes using our online application.
The bond requirements are $75,000 for mortgage brokers and starts at $100,000 for lenders. Be sure to check with the Dept. of Banking (see: www.mass.gov/dob) to ensure you qualify for all requirements to be licensed, as most bond carriers will not refund any premium on the first year of a bond if you need to cancel the policy.
If you have specific questions regarding the Mass. mortgage broker bond, you can post them on the Surety Forums at: Mass. Mortgage Broker Bond Questions.