According to the Commonwealth of Massachusetts General Law Title IV, Chapter 255E, a mortgage broker is “any person who for compensation or gain…directly or indirectly negotiates, places, assists in placement, [or] finds… mortgage loans on residential property for others”. The Massachusetts Mortgage Broker Bond ensures that mortgage brokers perform all business in compliance with the Commonwealth of Massachusetts General Law. In case of noncompliance, the bond is in place in favor of the public if harm results and offers financial compensation for valid claims of injury.
The required amount for the Massachusetts Mortgage Broker Bond is $75,000.
The Massachusetts Mortgage Broker Bond remains in full force and effect until cancelled by the Surety. The bond may be cancelled at any time with notification to the Commissioner at least 30 days prior to the cancellation date.
All licensing fees are required by the obligee, not the surety company.
At Surety1.com we make it easy to obtain this surety bond with our simple three step process:
Once these 3 steps have been completed, the bond will be filed electronically with the NMLS
1- The name of the applicant on the surety bond application must match exactly the Full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating from the Better Business Bureau.