Get a Free Bond Quote!
How Much Does a Massachusetts Mortgage Broker, Lender and Loan Originator Bond Cost?
In Massachusetts, mortgage broker bonds cost $750 to $7,500, lender bonds $1,000 to $50,000, and loan originator bonds $250 to $2,500. These costs are based on required bond amounts of $75,000 for brokers, $100,000 to $500,000 for lenders based on the aggregate annual dollar amount of closed residential loans, and $25,000 for loan originators.
When you purchase a bond from an authorized Massachusetts surety company, you will pay a premium rate rather than the full bond amount. As an authorized surety company that has been serving Massachusetts’ bond needs for more than 10 years, we offer bond rates from 1% to 10%.
The premium rate is based on the applicant’s credit, assets and credentials. With a credit score of at least 700, the premium rate is 1% to 3%. The rate is 3% to 5% for a score between 600 and 699. With a lower credit score, the bond premium rate is 5% to 10%.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Massachusetts Mortgage Broker Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
Massachusetts Mortgage Loan Originator Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Massachusetts Mortgage Lender Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
Massachusetts Mortgage Lender Bond |
$250,000 |
$2,500 - $7,500 |
$7,500 - $12,500 |
$12,500 - $25,000 |
Massachusetts Mortgage Lender Bond |
$500,000 |
$5,000 - $15,000 |
$15,000 - $25,000 |
$25,000 - $50,000 |
How to Get a Massachusetts Mortgage License Bond
1. Apply for Your Surety Bond Online
The short and easy process of buying your Massachusetts surety bond begins when you fill out the brief online application. If you have questions about the application, our knowledgeable bond experts are available to help.
Stella needed to set up a mortgage broker bond quickly for her Boston business. It only took a few minutes for her to apply with us online, and she instantly got a quote. After paying the premium online, Stella got her bond via email without a hassle. She now runs a growing mortgage business.
2. Review Your Bond Quote
It only takes a few minutes to complete our brief application and get a bond quote. We provide immediate bond quotes to our valued Massachusetts customers. If an application is challenging and requires in-depth review, the quote is available in 48 hours or less.
3. Pay Your Bond Premium Online
To finalize your Massachusetts mortgage broker or lender bond purchase, simply pay the premium online. We provide bonds via email, and we are happy to mail the bond upon request.
While our bond process is quick and easy, our customers sometimes have questions or run into a challenge. Our friendly bond associates are happy to support you with your application and answer your questions. Please contact us or call us at (877) 514-5146.
Mortgage License Bond Requirements in Massachusetts
The Massachusetts Office of the Treasurer and Receiver General, Division of Banks is responsible for mortgage licensing requirements. The licensing requirements for mortgage broker and lender licenses are established under Regulation 209 CMR 42.00 and General Laws chapter 255F, section 12 for loan originators.
However, the Nationwide Multistate Licensing System, or NMLS, processes license applications. To meet the state’s surety bond requirements, it accepts electronic surety bonds.
The bond obligee is the Treasurer and Receiver General of Massachusetts. A $75,000 bond is required for a mortgage broker license, a $25,000 bond for loan originators, and a bond ranging from $100,000 to $500,000 for mortgage lenders, depending on the annual dollar amount of closed residential loans in Massachusetts:
Mortgage Lender Surety Bond |
|
Residential Loan Amount |
Surety Bond Amount |
$49,999,999 or less |
$100,000 |
$50,000,000 - $249,999,999 |
$250,000 |
$250,000,000 or more |
$500,000 |
The bond remains in full force until it is canceled by the surety company or the Commonwealth of Massachusetts. However, the premium must be paid annually. We will provide payment instructions each year prior to the due date.
Our bond experts are available to help you get the bond needed for your Massachusetts mortgage broker license. You can also contact the Licensing Unit at the Massachusetts Division of Banks at (617) 956-1500 extension 61480 for more information.
About Us
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!