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Massachusetts Mortgage Broker Bond

Bond Requirements and Online Application

The Massachusetts Mortgage Broker Bond is required by the Commonwealth of Massachusetts Commissioner of Banks.

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.

License Fees and Requirements:

  • Surety bond
  • Application through the National Mortgage Licensing System with a $100 processing fee
  • $600 Massachusetts License Fee
  • $300 Massachusetts Investigation Fee
  • Net worth of at least $25,000
  • Financial statements
  • Character and Fitness of the applicant
  • Business Experience

All licensing fees are required by the obligee, not the surety company.

CLICK HERE for additional licensing information from the Massachusetts Division of Banks.

APPLY for your Massachusetts Mortgage Broker Bond today!

How to Get Your Massachusetts Mortgage Broker Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Massachusetts Mortgage Broker Bond!   If you have any questions, please call us at 877-654-2327.
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days