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Massachusetts Mortgage Loan Originator or Lender Bond

Massachusetts Mortgage Loan Originator or Lender Bond

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Who Requires the Mortgage Loan Originator or Lender Bond and Why Is It Needed?

A $25,000 Mortgage Loan Originator Bond is required per Massachusetts General Laws, chapter 255F, section 12, and the Division's implementing regulation at 209 CMR 41.04(2)(b) The surety bond is required for licensed mortgage loan originators and the bond is filed with the Treasurer and Receiver General of the Commonwealth of Massachusetts for the use of the Commissioner of Banks. The bond is issued to satisfy any past due Division costs, assessments, penalties, or other obligations of the principal. Additionally, the bond exists for the benefit of consumers or borrowers to guarantee consumer fees and other applicable charges are correctly accounted for and properly managed.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Massachusetts Mortgage Loan Originator or Lender Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The surety bond ensures that the principal delivers on all written agreements or commitments with consumers or borrowers, accurately and properly accounts for all funds received from consumers and borrowers as a licensed business, and complies with Massachusetts General Laws chapter 255F, and the statutes, rules, and regulations of the licensed business in Massachusetts.

List of Massachusetts surety bonds.

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