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Massachusetts Mortgage Broker Surety Bond


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The Commonwealth of Massachusetts, Consumer Affairs and Business Regulation, Division of Banks, through the National Mortgage Licensing System (NMLS), is tasked with the licensing of mortgage lenders, mortgage brokers, and mortgage loan originators. The Code of Massachusetts Regulation 42.03, defines the licensing of mortgage lenders and mortgage brokers.

Surety Bond Requirements:

Obtain a $75,000 surety bond. After purchasing your bond, the surety company will upload the bond directly into the NMLS ESB system. A surety bond is required as long as the license is enforce. The surety bond will need to be renewed on an annual basis.

License Requirements:

  1. Prior to applying for a license, all applicants must have a minimum of five years full-time mortgage loan experience or the equivalent in part-time experience. Applicants must also complete al education requirements and pass the examination.
  2. Complete the mortgage broker license application found on the NMLS system and pay the applicable filing fee, license fee, credit report fee, Massachusetts investigation fee and Criminal Background Check fee.
  3. Complete the primary and non-primary contact employee information.
  4. A credit report is required for each person of control for the business (control persons of publicly traded companies of publicly traded companies are not required to provide personal credit reports).
  5. For any negative or derogatory credit remarks, provide a letter of explanation if applicable. Submit directly to the Massachusetts Division of Banks.
  6. Complete the authorization for FBI criminal background check for all individuals listed on the company form.
  7. Complete the Control Person Attestation for any person directly or indirectly that owns 25% or more interest of the company.
  8. Provide formation documentation for applicants that are partnerships, corporations, or limited liability companies.
  9. The Resident Agent or Registered Agent must be completed on the application.
  10. Provide a Business Plan, Management Chart and Organizational Chart.
  11. Provide an audited financial statement prepared and signed by a Certified Public Accountant, dated within 90 days of the business fiscal year end. Submitted financials must include a balance sheet, income statement, statement of cash flows and any relevant notes. If applicant is a new business, an initial audited or reviewed balance sheet is required. Applicants must have a minimum net worth of $25,000.
  12. Provide information as to where records will be kept and the types of software used in the Business Address field of the application under the Books & Records Comment Section.
  13. Provide on the application any trade names or dba’s that will be used. Trade names and trade dba's must be registered with the applicable municipality of government agency. If more than one dba or trade name is used (up to eight), a separate mortgage license must be applied for each.
  14. Obtain a Certificate of Authority or Good Standing Certificate from the Office of the Secretary of State of the Commonwealth of Massachusetts.
  15. List the qualifying individual of the business which can be an on-site manager or branch manager. If there is more than one business location, the main address is to be used for the qualifying individual..
  16. If applicant answers Yes to any of the Disclosure Questions, provide a detailed explanation for each question and provide any applicable back up documents to support the answers.
  17. Provide two years parent financials (if applicable) and submit directly to the Massachusetts Division of Banks.
  18. Provide a W-9 for the business obtained from the IRS. Do not use a personal social security number on the W-9. Submit directly to the Massachusetts Division of Banks.
  19. Provide third party evidence of experience for persons in control of the business to prove three years of continuous full time mortgage business experience or part-time equivalent of three years. Submit directly to the Massachusetts Division of Banks.

How Much Will This Bond Cost?

The premium that you pay for a Massachusetts Mortgage Broker Surety Bond is dependent on credit and personal and/or business financial statements. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific needs.

Did You Know?

The Commonwealth of Massachusetts requires that mortgage broker licenses must be renewed by December 31 of each year.

Related Links:

Massachusetts Requirements for Mortgage Lenders, Mortgage Brokers and Mortgage Loan Originators
NMLS Registration Portal
Massachusetts Licensing for Mortgage Lenders, Mortgage Brokers and Mortgage Loan Originators
NMLS - Massachusetts Mortgage Broker License - New Application Checklist
Read our blog, "Massachusetts Mortgage Broker Surety Bond Requirement"
Read our blog, Who Requires Real Estate Broker Bonds?

More Surety Bond Questions?

Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.


For a downloadable application