Mortgage brokers who wish to conduct business in the State of Massachusetts must obtain a Mortgage Broker License through the Massachusetts Division of Banks (DOB). As part of their licensing requirements, brokers must submit a $75,000 Electronic Surety Bond (ESB) via the Nationwide Mortgage Licensing System (NMLS).
Massachusetts Mortgage Broker Bonds guarantee that the principal (broker) adheres to and conducts business consistent with Massachusetts law. If any borrower or consumer incurs any losses or damages due to the principal’s failure to comply with Massachusetts law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
Applications for broker licenses are handled by the Nationwide Mortgage Licensing System (NMLS), and additional information can be found on the NMLS website. Licensing fees are $1,000, including the NMLS processing fee, and are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Mortgage Broker Surety Bonds – Massachusetts
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