Colonial Surety is authorized by the Nationwide Multistate Licensing System & Registry (NMLS) to write electronic mortgage broker bonds. If you are not registered with the NMLS, please visit the NMLS website.
What is a Massachusetts Mortgage Broker Bond?
A mortgage broker bond is a legal requirement by the State of Massachusetts for any licensed mortgage broker to operate. This bond ensures that the broker adheres to all state rules and regulations governing the mortgage industry. Similarly, mortgage lenders are required to have a separate surety bond based on the volume of their business.
Who Needs This Bond?
Mortgage brokers, mortgage lenders, and mortgage loan originators must obtain a surety bond to comply with Massachusetts state statutes.
Bond Amounts
- Mortgage Brokers: A bond of $75,000 is required.
- Mortgage Lenders: Bond amounts range from $100,000 to $500,000, depending on the lender’s business volume. Lenders with an annual loan volume under $50 million need a $100,000 bond, while those with over $250 million require a $500,000 bond.
How to Obtain the Bond
Colonial offers a fast and digital process to obtain a mortgage broker or lender bond. As a direct insurance provider, we cut out agents and middlemen, offering instant quotes and immediate bond issuance online.
Cost of the Bond
At Colonial, our rates are competitive, without hidden fees. The cost is based on the bond amount required by Massachusetts, and we provide the lowest possible rates.
Why Choose Colonial Surety?
Working directly with a reliable insurance company is crucial. Colonial Surety, rated A (Excellent) by A.M. Best, has been in business since 1930 and is NMLS approved and Treasury listed. We are licensed across all U.S. states and territories, ensuring you get a secure and compliant bond.
For more details and to obtain your mortgage broker bond, visit Get Your Mortgage Broker Bond Here.