Massachusetts has now added new surety bond and financial requirements for mortgage broker and lender licensees.
NOTICE – MORTGAGE LENDER AND MORTGAGE BROKER APPLICANTS
Please note that the recent amendments to 209 CMR 42.00 et seq. have been finalized as of September 7, 2007. All mortgage lender and mortgage broker license applicants filing on or after September 7th must comply with the new net worth and surety bond requirements at the time of application. The amendments increase the minimum net worth requirement for licensed mortgage lenders and establish a minimum net worth requirement for licensed mortgage brokers. A surety bond requirement for both licensed entities was also established. Mortgage broker applicants must submit recent financial statements that have been audited or reviewed by a certified public accountant with their application. Please refer to 209 CMR 42.03 and/or 209 CMR 42.06 to review the amended licensing requirements.