Commercial Surety Bonds

Massachusetts Mortgage Broker Bonds

Tweet

Mortgage Brokers in Massachusetts are regulated by the Massachusetts Division of banks. Recent changes in legislation state that as of July 1st, 2008 any individual that does not have a license, or has a license pending may not originate or broker loans in the state. Massachusetts has just started making use of the National Mortgage Licensing System (NMLS) and are now requiring that all applications to go through the new application system.

Massachusetts also has decided to make significant changes to the Surety Bond form they require to be posted along with the application. The requirements are $75,000 for a Mortgage broker and $100,000 for a Mortgage Lender. There are only a small handful of Surety Companies willing to write a bond in Massachusetts and fortunately we have access to them.

There is also a new educational requirement if you applied for your license after May 27, 2008 24 hours of pre-licensing work must be completed.

Bad Credit Massachusetts Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Massachusetts License Requirements

Age: 18

State Residency: Required

Experience: 3 years of full time work within the industry

Education: 24 hours of pre-license classroom work

Continuing Education: TBD

Net Worth: $25,000

Surety Bond: $75,000 for Broker and $100,000 for Lender

Background Check: Criminal and credit

Massachusetts State Licensing Fees

Initial Application: $815 which includes the NMLS fees of $115

Branch Location: $815

Renewal Application: $700

Exemptions:

Entities: Banks, Insurance Companies, Credit Unions, Trust Company, or Savings and Loan Companies.

Safe Harbor: Any person making or originating fewer than 5 loans in a one year period.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Questions? Ask us here!

Choose Another State: