Affairs and Business Regulation unit of the Massachusetts
Division of Banks (DOB), supervises all aspects of Mortgage
Brokers doing business in the Commonwealth of Massachusetts.
All Massachusetts mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and
contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage
Lending plus 12 or more hours of electives. This may be in addition to
Massachusetts-required content. Continuing Education
Requirements include at least eight hours of NMLS approved instruction.
The licensing fee for NMLS for Loan
Originators is $684, and the fee for Mortgage
Broker is $1,000. Click on the links in the preceding sentence for more details
about each license.
Three letters of professional reference (one must be from a bank) and the most recent two
years of personal financial statements are required. Although the financial statements
don?t need to be audited, they do need to be prepared according to generally accepted
accounting principals (GAAP). New entities in the Mortgage Broker industry need to be
capitalized with sufficient capital to be able to show a net worth of $25,000. In
addition, applicants need to furnish a credit report dated within 30 days prior to the
application. Brokers must also provide a surety bond in the amount of $75,000.
Although in Massachusetts Mortgage Brokers
do not need to maintain a physical office
within the state, they do need to have an attorney or registered agent on whom lawful
process may be served. This agent needs the prior approval of the Commissioner.
Out-of-state Mortgage Brokers who keep their records out of state also need to have a
completed Record Keeping Plan approved and submitted with their application.
The Massachusetts Mortgage
(MMA), is an affiliate of The National
Association of Mortgage Brokers
(NAMB). Both organizations actively support
legislation that enhances the mortgage industry and they strongly promote education among
those desiring to become a Mortgage Broker in Massachusetts.
Massachusetts Mortgage Forms
Massachusetts Reciprocity States
- Most mortgage forms can be obtained online. Ones listed below
pertain to new salespersons and brokers.
(as of 2/23/2010)
Massachusetts Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Consumer
Affairs and Business Regulation website for the latest list of approved schools.