Massachusetts mortgage broker requirements

Massachusetts Mortgage Licensing | Massachusetts Division of Banks

Physical In-State Office Required: No
Qualifying Individual: Yes, 5 year of mortgage experience (verified by w-2s, 1099s, and tax returns) and good credit (Regulatory Bulletin 5.1-102 Experience Requirements for Mortgage Lender and Mortgage Broker Licensing)
Minimum Net Worth: $200,000 - Audited
Surety Bond: $100,000 to $500,000
Branch Licensing: Yes
Loan Originator Licensing: Yes
Comments: (Does not allow brokering. Must also obtain broker license if you want to broker.) Requires Warehouse Line

Physical In-State Office Required: No
Qualifying Individual: Yes, 3 year of mortgage experience (verified by w-2s, 1099s, and tax returns) and good credit (Regulatory Bulletin 5.1-102 Experience Requirements for Mortgage Lender and Mortgage Broker Licensing)
Minimum Net Worth: $25,000 - Audited or Reviewed
Surety Bond: $75,000
Branch Licensing: Yes
Loan Originator Licensing: Yes

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $ None
Surety Bond: $ None
Branch Licensing: No
Loan Originator Licensing: N/A

Regulated by:
Massachusetts Division of Banks
1000 Washington Street, Floor 10
Boston, Massachusetts 02118-2218
White, Kimberly - [email protected]
Tom Brennan, Chief Director - (617) 956-1500x564 - [email protected]
Paul A. Gibson, Senior Deputy Commissioner - 617-956-1536 - [email protected]
Telephone: (617) 956-1500
Fax: (617) 956-1599
http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/