Massachusetts Mortgage Broker Requirements
Mortgage brokers in Massachusetts are licensed and regulated by the Division of Banks, a division of the Consumer Affairs and Business Regulation Department.
Mortgage brokers seeking a Massachusetts mortgage license are not required to maintain a physical office within the state of Massachusetts. However, they are required to appoint either a registered agent or attorney that will act on their behalf. There are no experience or education requirements and the state does not require a surety bond. Business financials in accordance with GAAP, as well as a personal credit report are required as part of the mortgage license application.
Massachusetts Mortgage Licensing Fees
The state of Massachusetts currently charges $110 for an investigation fee. A licensing fee in the amount of $1,000 will be charged upon approval.
For complete assistance on your Massachusetts Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.
If you're a Do-It-Yourself kind of person and just want someone to guide you through the process while you do all the paperwork, you will want to check out our sister company website for the Massachusetts Broker and Lender License Guide. Here, you can download complete guides on how to work your way through each state's mortgage application. This information is priceless as it will save you countless hours of research and ensure that your company submits an application that will be accepted by the state agencies.