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.
How to obtain a Massachusetts Mortgage Broker Bond
At Surety1.com we make it easy to obtain this surety bond with our simple three step process:
- Complete our easy to navigate and secure online application.1
- Review your free, no obligation quote from one of Surety1’s professional surety bond agents (usually within 1 business day)
- Sign some paperwork and make payment (All major credit cards accepted).
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.
Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds