Massachusetts Mortgage Broker License Guide

In the state of Massachusetts, anyone engaged in the mortgage brokering and lending business must obtain a license. The mortgage licenses in MA are issued and regulated by the State Division of Banks (DOB).

The Nationwide Mortgage Licensing System (NMLS) handles the license application process. NMLS allows mortgage entities and individuals to apply or update licenses online.

Types of Mortgage Licenses in Massachusetts

Massachusetts has three major state license types: Company, Branch, and Individual. The license type depends on the work you are going to perform. The mortgage licenses are generally divided into mortgage brokers and lenders and mortgage loan originators.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Broker License - allows companies and sole proprietorships to find , place, and negotiate residential mortgage loans on MA properties.
  • Mortgage Lender License - allows companies and sole proprietorships to make or issue commitments for residential mortgage loans on MA properties.

Most Common Individual Licenses

  • Mortgage Loan Originator - allows individuals to take residential mortgage loan applications and/or negotiate the terms of the loans.

Massachusetts State Requirements

All applications must submitted online through NMLS. However, some agency-specific requirements must be mailed directly to the MA Division of Banks.

  • Mortgage Brokers/Lenders , you may mail your documentation to Massachusetts Division of Banks, Attn: Mortgage Lender/Mortgage Broker Licensing Unit, 1000 Washington Street, 10th floor, Boston, MA 02118-2218.
  • Mortgage Loan Originators , you may mail your documentation to Massachusetts Division of Banks, Attn: Mortgage Loan Originator Licensing Unit, 1000 Washington Street, 10th floor, Boston, MA 02118-2218.

For additional assistance with your license requirements, please contact MA DOB at (617) 956-1500 or [email protected].

For NMLS-related questions, you may contact NMLS call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all license types in Massachusetts. In order to obtain a Mortgage Loan Originator license you need to complete a course and pass a test.

Exams for Individual Licenses

  • Mortgage Loan Originator License - Before enrolling for the test and submitting the license application, all applicants must complete a pre-licensure education course.

    The education course must be NMLS-approved and at least 20 hours, of which 3 hours must be Massachusetts content. Further information regarding the course, as well as a list of approved providers, can be found on the NMLS education page.

    After completing the course, applicants may enroll for the test via NMLS. A test date can be scheduled either via NMLS or by contacting the test administrator Prometric at (877) 671-6657.

    For more information on how to prepare and take the mortgage loan originator test, please visit the NMLS testing page.

MA Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Broker License - Mortgage Broker applicants are required to upload a surety bond to NMLS in the amount of $75,000.
  • Mortgage Lender License - Mortgage Lender applicants must furnish a surety bond via NMLS . The amount depends on the applicant’s aggregate mortgage loans and must be no less than $100,000, up to a maximum of $500,000.

Bonds for Individual Licenses

  • Mortgage Loan Originator License - All applicants are required to be covered by a surety bond. If they are employees of an entity, the employer’s surety bond may be used to cover this requirement. If applying as an individual, the amount of the surety bond is $25,000. The bond must be submitted via NMLS.

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Licensing Fees

All fees must be submitted through NMLS. The fees are not refundable.

Fees for Company Licenses

  • Mortgage Broker License
    • $600 total license costs (including the $100 MA lead paint surcharge fee).
    • $300 MA investigation fee.
    • $100 NMLS processing fee.
    • $15 credit report fee.
    • $36.25 background check.
  • Mortgage Lender License
    • $1,100 license fee (including the $100 MA lead paint surcharge fee).
    • $300 MA investigation fee.
    • $100 NMLS processing fee.
    • $15 credit report fee.
    • $36.25 background check.

Fees for Individual Licenses

  • Mortgage Loan Originator License
    • $500 license fee.
    • $30 NMLS processing fee.
    • $115 MA investigation fee.
    • $15 credit report fee.
    • $36.25 background check.
    • $100 test fee.
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