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The Massachusetts Division of Banks regulates ten different license types grouped into five financial service industries in the state of Massachusetts. The department licenses mortgage lenders and brokers in accordance with the Massachusetts General Laws chapter 255E and its implementing regulations found at 209 CMR 42.00 et seq. It is recommended that applicants for a license to become a mortgage lender or broker should carefully review all laws, regulations, and regulatory bulletins governing mortgage companies prior to submitting an application.

Following information is required to obtain a Mortgage Broker License in Massachusetts:

Complete and signed application along with the stipulated application fee and investigation fee must be submitted. Do not send the license fee before the application for license is approved. Complete the state Certification by Licensing Agency/Supervisory Board Form. Mail original to each state and submit a copy of each along with the application. There will be periodic examinations by the Division's examiners to determine whether the licensees are operating their businesses in accordance with the Division's regulations and laws. The applicant should be properly registered with the Massachusetts Office of the Secretary of State, if a corporation or limited liability company. Evidence conforming this should be submitted along with the application. Audited or unaudited recent financial statements should be submitted. New entities must be capitalized with sufficient capital to maintain a positive net worth. Mortgage brokers must display sufficient financial responsibility and are not subjected to any specific financial stipulation. Three letters of professional reference including one from the bank is required. An applicant for a mortgage broker license is required to provide evidence of one year of experience working for a licensed mortgage broker, mortgage lender, or financial institution exempt from licensing under G.L. c. 255E, or a similar institution licensed or chartered in a state other than Massachusetts. If the experience of the applicant is of less than one year, but more than six months, the applicant is required to complete a formal course of training which covers at least Massachusetts laws covering the mortgage lending transaction as well as mortgage processing issues. This education experience can take the place of six months of professional experience. Evidence of the completion of the course and the content of the course must be provided to the Division by the applicant. Applications and other important information can be found at Massachusetts Division of Banks - Applications for Licenses.