Massachusetts Mortgage Loan Originator Bond

Category: Uncategorized
Published: Jul 1, 2011
HB 4178: License Bonds – Mortgage Loan Originators

Mortgage Loan Originators must be covered under a surety bond in the amount based on the loans originated. Licensees that are the employee or exclusive agent of a person subject to the existing bond requirement may be able to use their employers bond to fulfill this requirement. Mortgage lenders must obtain a bond in the amount no less than $100,000 under current regulations. The amount of the lenders aggregate loans are what regulate the amount of the bond, and it must be capped at $500,000. Under the new law the Commissioner of Banks is authorized to promulgate regulations to implement the bond requirement. This law became effective as of July 31, 2009.

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Robin Kix

Robin Kix is currently the Renewal Department Manager. Since joining Lance Surety in 2014, she has helped thousands of businesses throughout the nation remain compliant at the federal, state and local level. She has significant experience supporting commercial bond lines, particularly in the automobile, transportation and construction industries. Robin and her team work together to create a positive customer service experience at the time of every policy renewal, whether that be finding the best pricing or offering additional assistance.

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