Massachusetts Mortgage Loan Originator Bond |
AmeriPro Surety Bonds | 844-589-9732
Loan Originators – Massachusetts
Massachusetts mortgage loan originators have their licensing administered by the Division of Banks.
The surety bond is also a requirement, and when purchased is filed electronically through NMLS .
AmeriPro Surety Bonds provides the mortgage loan originator bond as both a new and renewal surety bond.
Massachusetts Mortgage Loan Originator Bond: Amount Required and the Cost
The Massachusetts mortgage loan originator bond is a $25,000 surety bond required of loan originator companies in the Commonwealth.
While pricing will vary, all applicants for the loan originator bond will be required to complete:
- A surety bond application (we can provide this to you, or you may complete it over the phone with an agent);
- A credit score check (AmeriPro Surety Bonds utilizes a ‘soft inquiry’ which will not have any affect on your credit score).
Well-qualified applicants may pay as little as 1% or $250 annually for this bond; however, the amount that you will be asked to pay may vary from this figure.
Surety Bond Term
The Massachusetts loan originator bond will be active for one year from the date of issuance.
Options may exist to purchase the bond for up to 3 years, thereby offering you a savings over a year to year renewal.
As stated by statute, a bond which goes inactive or is not renewed will result in the suspension of licensing.
The Purpose of this Surety Bond
The Massachusetts loan originator bond, as stated in the bond wording, has 3 essential purposes:
- It is a financial guarantee that ensures your compliance with Chapter 255F, which is the general body of laws governing loan origination in the Commonwealth;
- It is a guarantee that you will honor all written agreements and commitments with consumers and borrowers;
- The surety bond is a financial guarantee that you will account for all funds received from borrowers and consumers.
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds throughout New England and nationwide. Such bonds include license and permit, contractor, court, and fiduciary bonds.
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