Massachusetts is one of the most exacting regulators in the nation. The Division of Banks will closely scrutinize your licensing application and independently review many items that are not included in the application such as out-of-state regulatory examinations. Only companies with pristine compliance records will be approved in this state. We highly recommend contacting Lynx Licensing for a Massachusetts pre-licensing review.
- NMLS Cost: $1,000
- Additional Costs: $15 per credit report, $36.25 per criminal background check
- Qualifying Individual: an on-site manager is required in all locations that originate MA loans
- Experience requirements: all control persons must have at least three (3) years of full-time or the equivalent in part-time experience working for a licensed mortgage company
- Surety Bond Requirement: $75,000
- The Massachusetts Division of Banks has numerous detailed application requirements. You should not rely on this overview and should contact Lynx Licensing for expert assistance.
- NMLS Cost: $1,500
- Additional Costs: $15 per credit report, $36.25 per criminal background check
- Qualifying Individual: an on-site manager is required in all locations that originate MA loans
- Experience requirements: all control persons must have at least five (5) years of full-time or the equivalent in part-time experience working for a licensed mortgage company
- Surety Bond Requirement: $100,000
- The Massachusetts Division of Banks has numerous detailed application requirements. You should not rely on this overview and should contact Lynx Licensing for expert assistance.
- NMLS Cost: $900
- Additional Costs: $15 per credit report, $36.25 per criminal background check
- Qualifying Individual: an on-site manager is required in all locations that originate MA loans
- Experience requirements: all control persons must have at least three (3) years of full-time or the equivalent in part-time experience working for a licensed mortgage company
- The Massachusetts Division of Banks has numerous detailed application requirements. You should not rely on this overview and should contact Lynx Licensing for expert assistance.
- NMLS Cost: $70
- Additional Costs: $15.00 per credit report, $36.25 per criminal background check
- Branch Manager: the branch manager must have at least three (3) years of full-time (or the part-time equivalent) experience working for a licensed mortgage company
- NMLS Cost: $70
- Additional Costs: $15.00 per credit report, $36.25 per criminal background check
- Branch Manager: the branch manager must have at least three (3) years of full-time (or the part-time equivalent) experience working for a licensed mortgage company
- NMLS Cost: $645
- Additional Costs: $15.00 per credit report, $36.25 per criminal background check
- Education: Massachusetts requires three (3) hours of MA-approved pre-licensure education as part of the national education requirement prior to licensing