Massachusetts Mortgage Lender Bond

Bond Details

• Massachusetts Mortgage Lender Bond – $100,000 bond – $600 per year
• Massachusetts Mortgage Lender Bond – $250,000 bond – $1,500 per year
• Massachusetts Mortgage Lender Bond – $500,000 bond – $3,000 per year

Overview

Mortgage lenders in Massachusetts are required to post a surety bond ranging from $100,000 to $500,000 as a condition of licensure based on the volume of closed residential loans. For companies with > $250M in funded volume, the bond requirement is $500,000. For lenders with volume > $50M but less than $250M, the bond requirement is $250,000. For lenders with volume less than $50M, the bond requirement is $100,000.

The NNA has secured a flat rate of $6 per $1,000 liability premium for all Massachusetts mortgage lenders to obtain this bond without a credit check. This bond meets the licensing requirements for Massachusetts mortgage lenders and lasts for one year.