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| Home » USA » Massachusetts » Mortgage License |
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Massachusetts Mortgage License |
Massachusetts mortgage license is regulated by the Division of Banks, which is again a sub -division of the Consumer Affairs and Business Regulation Department. According to the law of the state, any individual who is related to lending, selling or processing of home loans to home buyers and borrowers are required to have the mortgage license authorized by the licensing department. Whether it is a home loan broker, lender, banker or a loan originator, it is essential for them to have the license in order to run their business. It is advisable for the applicants to have a clear understanding of all the Massachusetts mortgage licensing requirements set by the Division of Banks.
Massachusetts Mortgage Broker License Requirements
As per the preconditions of the licensing department, applicants for MA mortgage broker license are not required to hold any physical office inside the state of Massachusetts. But the applicants should either appoint an attorney or a registered agent who will represent them. It is essential for the brokers to have a minimum net worth of $25,000 in order to get their broker license. Moreover, the applicants are required to maintain a surety bond in amount of $75,000. They will also have to submit their business financial statement in accordance with GAAP and their personal credit report with their application. Licensing of loan officer is also mandatory and the applicants are required to have a minimum experience of one year in loan selling and processing business.
Massachusetts Mortgage Banker License Requirements
Bankers seeking for state license are not required to maintain physical location within the state. However, they should hold a minimum net worth of $200,000 and a surety bond in amount of $100,000 to get approval for the mortgage banker license. The applicants are also required to have a minimum experience of one year in home loan lending business. Separate licensing for loan officer is also mandatory in the state.
Mortgage Licensing Fees
The applicants for mortgage broker license will have to pay $110 for investigation fee. Moreover, a licensing fee of $1,000 will also be charged when the application is approved. On the other hand, bankers applicant are required to pay a state initial licensing fee of $1,115.
The complete application along with the signature of the applicant and the stipulated application fees should be submitted to the licensing department in time.
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There are also many mortgage licensing companies who can provide easy and hassle free licensing process for the home loan brokers and bankers in the state. Such companies are available online and they also offer a number of useful details that could help the applicants to get a better understanding of the mortgage licensing process in Massachusetts.
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