Alabama Mortgage Broker Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
| $50,000 | 1 Year | $300 |
| $75,000 | 1 Year | $450 |
Mortgage brokers operating in Alabama are subject to licensing requirements under the Alabama Mortgage Brokers Licensing Act. The Alabama State Banking Department may require a mortgage broker to obtain a surety bond in lieu of the statutory tangible net worth requirement. When required, the bond provides protection for persons who suffer covered damage or loss because of the mortgage broker’s breach of contract or violation of applicable law.
Cost of the Alabama Mortgage Broker Bond
The cost of the Alabama Mortgage Broker Bond starts at $150 for a $25,000 bond for a one-year term with NNA Surety.
- $25,000 bond: $150
- $50,000 bond: $300
- $75,000 bond: $450
Secure this surety bond today.
How the Alabama Mortgage Broker Bond Works
The Alabama Mortgage Broker Bond helps provide financial protection when a licensed mortgage broker is required by the Alabama State Banking Department to provide a surety bond. The bond may be required in lieu of the $25,000 tangible net worth requirement under the Alabama Mortgage Brokers Licensing Act. The amount of any required bond is determined by the department.
The bond involves three parties:
- Principal: Mortgage broker
- Obligee: State of Alabama
- Surety: Bonding company
A claim against the bond may be filed when the principal causes covered damage or loss through a breach of contract or violation of applicable law. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the Alabama Mortgage Broker Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Select the required bond amount.
- Pay the applicable bond premium.
- Receive the bond form via email.
- Download and file the bond as required by the Alabama State Banking Department.
Learn more about your Alabama surety bond options across the state.
Secure Your Alabama Mortgage Broker Bond
If the Alabama State Banking Department requires your mortgage brokerage to provide a surety bond, secure your Alabama Mortgage Broker Bond today. Complete this form to get bonded.