Massachusetts Mortgage Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Brokers – Massachusetts
The Commonwealth’s Division of Banks oversees and administers the licensing and regulation of mortgage brokers.
The license and mortgage broker surety bond, once purchased, are filed with NMLS, which is an electronic filing system.
AmeriPro Surety Bonds provides you with the mortgage broker surety bond as either a first time or renewal surety bond.
Our agency also provides applicants with the Massachusetts mortgage lender surety bond.
Massachusetts Mortgage Broker Bond: Amount Required and the Premium
The Massachusetts mortgage broker bond is a $75,000 surety bond required as a condition of licensing with the Commonwealth.
In addition to the surety bond, according to regulations, an applicant must have also have a minimum net worth of $25,000.
Applicants for the mortgage broker surety bond will have a premium which will be determined by the following:
- Information supplied by means of surety bond application;
- Credit score.
As part of the underwriting of your mortgage broker bond (the process which determines the issuing of the bond and its pricing), you may be asked the following:
- Your source(s) of income;
- Your net worth;
- Whether you are party to any lawsuits or have any unsatisfied judgments or tax liens;
- Whether you are currently a party to any bankruptcy proceeding;
- Investments, which will include their type, nature, amount, and where such investments are held;
- Information about items on your credit.
Because of these variables, pricing for this bond will vary.
As a broad general rule, typically an applicant with good credit may expect to pay between 1-2% of the bond’s amount.
Our agency works to find you a combination of the quickest turnaround time for obtaining this bond at fair pricing.
Once issued, the Massachusetts mortgage broker bond is active for one year from the date of issuance; thereafter the bond is renewed.
In some instances, options may be available to prepay your bond for up to 3 years. While the amount will be more, this options offers a savings over year to year renewal of your surety bond premium.
The Surety Bond’s Purpose
Required of you as a licensed mortgage broker, this surety bond is for the benefit of consumers and borrowers.
Specifically, this bond is required to ensure:
- That you will follow all written commitments and agreements with consumers and borrowers;
- That you will provide an accurate and honest accounting of all monies received from borrowers;
- That your business will be in compliance with Chapter 255 E, the general body of laws regulating your business and professional conduct.
The bond’s protections for consumers and borrowers also extend to wrongdoing committed by any employees, agents, and managers of a licensed mortgage broker.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout Massachusetts and New England.
Our agency also provides surety bonds nationwide.
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