The Consumer 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 Association (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.
  • Surety Bond Form

(as of 2/23/2010)


Massachusetts Approved Mortgage Schools Prelicensing and Postlicensing Education

Community Colleges


Private Schools

Abacus Mortgage Training
Training Pro
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.