NJ Correspondent Residential Mortgage Lender Bond - Corporation
Bond Details
NJ Correspondent Residential Mortgage Lender Bond - Corporation – $150,000 bond – $900 per year
Overview
New Jersey correspondent residential mortgage lenders are obligated to secure a surety bond ranging from $100,000 to $300,000 as part of their licensing process, which is overseen by the New Jersey Department of Banking and Insurance.
This surety bond acts as a financial safeguard for consumers who engage with the services of the correspondent lender. The specific bond amount within the specified range is determined based on factors such as the lender's loan volume and financial stability. Lenders must maintain an active and valid bond throughout their licensing period.