MA Massachusetts
Massachusetts is one of the few states that the lender license does not cover brokering activity as well. If you intend on conducting both activates you will need to obtain both licenses. MA requires you to be licensed in your home state (state that your corporate office is located in) before being authorized to submit an application as well as at least 1 control officer having at minimum 3 years of experience. MA also requires an Anti-Money Laundering (AML) Policy with most recent independent review. You are only permitted to utilize one Trade Name (DBA) with either license. Any additional DBA’s will require a separate Trade Name License (OTN) with a total of 8 being allowed. A named QI is required for both licenses with different experience requirements, the broker requires 3 years and the lender requires 5 years. Although the QI does not need to hold the MA MLO license you must have at minimum 1 MA MLO on staff.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| Massachusetts | Mortgage Broker License | $1,020 | $563 | — | $606 | Call for More Information | $2,189 |
| Massachusetts | Mortgage Lender License | $1,520 | $750 | — | $606 | Call for More Information | $2,876 |
| Massachusetts | Third Party Loan Servicer Registration | $920 | — | — | $606 | Call for More Information | $1,526 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $75,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Reviewed (past 2 years)
License: Mortgage Lender License
- Operating Status: Lender
- Bond Amount: $100,000
- Net Worth: $200,000
- Brick & Mortar: No
- Financial Type: Audited (past 2 years)