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How does a mortgage loan originator working for a licensed mortgage lender or mortgage broker meet the requirement to be covered by a surety bond?

April 26, 2017Lender licensed meet mortgage mortgage broker mortgage loan Originator requirement surety bond working

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How does a mortgage loan originator working for a licensed mortgage lender or mortgage broker meet the requirement to be covered by a surety bond?

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A. Licensed mortgage lenders or mortgage brokers sponsoring licensed mortgage loan originators must provide a evidence of surety bond meeting Massachusetts requirements as part of their company license (see Regulatory Bulletin 5.2-101 – Bond Requirements for Licensed Mortgage Lenders and Mortgage Brokers). Therefore, any mortgage loan originator that is an employee of a licensed mortgage lender or mortgage broker does not need to obtain a separate surety bond.