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Mortgage License Bonds

A mortgage license bond is often a requirement to become a licensed mortgage broker or lender. The mortgage surety bond also serves as a guarantee you will comply with state regulations governing this line of business. There are three types of mortgage license bonds:

  1. Mortgage Broker Bond (also known as Loan Originator Bond)
  2. Mortgage Banker/Lender Bond
  3. Mortgage Servicer Bond

These license bonds are very similar in their purpose and function, but coverage amounts and premiums vary.

Choosing a Mortgage License Bond

The surety bond you need should match the license type you’re applying for. While mortgage broker bonds are one of the most popular types of surety bonds for mortgage professionals, you may find yourself needing a mortgage banker/lender bond or a mortgage servicer bond.

We offer the following Mortgage License Bonds:

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Mortgage License Bond Cost

The cost of a mortgage license bond is a flat rate of only $6 per $1,000 in liability of the bond amount when you purchase from NNA Surety. No credit check or financials are needed up to $1M in aggregate bonds.

Find your state’s bond liability amounts on the NMLS Resource Center.

How do mortgage license surety bonds work?

A mortgage broker surety bond is a binding legal agreement designed to encourage honest, ethical and legal behavior in how you run your brokerage.

As with all surety bonds, the surety bonds for mortgage brokers and loan originators are all contracts among three entities: the principal (your mortgage business), the obligee (the state regulating authority), and the surety (the company providing the bond).

If you act in violation of state regulations and cause harm to your clients, your bond provider will pay the affected party in the event that you become insolvent. You, the licensed mortgage loan broker or originator, will then be required to pay back the full amount to the surety company.

How to Get a Mortgage Broker & Lender Surety Bond

Laws regulating mortgage loan professionals vary from state to state. Below are general steps to qualify for a mortgage surety bond:

  1. Get in touch with your state’s regulator that handles business licensing. Many states have helpful websites with checklists for getting started.
  2. Determine the bond amount required in your state and the exact license type needed (e.g. broker/lender/servicer).
  3. Contact us for a free quote and begin the application process for a mortgage broker bond.
  4. Have your mortgage bond filed with the NMLS within a few hours after purchase.

Tip: Some states require paper bonds to be mailed to the regulator. Check the regulations in your state for specifics related to your mortgage brokerage, lending, or servicing business.

The Simple Bonding Process

View your price or request a free quote
Discover unbeatable value with coverage options tailored to your needs.
Sign your contract and pay the premium
Seal the deal and ensure protection and peace of mind for your business.
Receive your surety or fidelity bond
Expect a speedy turnaround. Our typical turnaround time is 24 hours or less.
Have Questions? Call or Contact Us for a Quick Quote