Mortgage Broker Licensing

License:  Massachusetts Mortgage Broker License

Physical Office Required:  No
Qualifying Individual Required: Yes, a control person must have three years of full time experience.
Minimum Net Worth:  $25,000
Financial Statements:  CPA reviewed
Surety Bond Amount:  $75,000
Company License Fee:  $1,000

Mortgage Lender License

License:  Massachusetts Mortgage Lender

Physical Office Required:  No
Qualifying Individual Required:  Yes, on-site manager
Minimum Net Worth:  $200,000
Financial Statements:  Audited
Surety Bond Amount:  $100,000
Company License Fee:  $1,500

Regulated by:

Massachusetts Division of Banks
Attn: Mortgage Lender/Mortgage Broker Licensing Unit
1000 Washington Street, 10th floor
Boston, MA 02118-2218 Phone: 617-956-1500
Fax: 617-956-1599