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Become A Mortgage Broker In Massachusetts

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Massachusetts or anyone looking to become a mortgage broker in Massachusetts.

The Consumer Compliance Unit of the Massachusetts Division of Banks (DOB), supervises all aspects of Mortgage Brokers doing business in the Commonwealth of Massachusetts.

Applicants who desire to become a Mortgage Broker in Massachusetts pay a $115 investigation fee. License fees are not paid until the application is approved. Among the other requirements are summaries of all relevant professional and educational experience during the last ten years. Three letters of professional reference (one must be from a bank) and the most recent two years of personal financial statements. 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 consistently maintain a positive net worth. In addition, applicants need to furnish a credit report dated within 30 days prior to the application.

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), www.namb.org. 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.

We also offer information and resources for Massachusetts Commercial Mortgage.

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