New Jersey Residential Mortgage Lender Bond - Individual or Partnership
Flat Rates & No Credit Check
| Aggregate Loan Volume in Preceding 12 Months | Bond Amount Required | Bond Term | Annual Premium |
| $0-$50,000,000 | $150,000 | 1 Year | $900 |
| $50,000,001-$75,000,000 | $200,000 | 1 Year | $1,200 |
| $75,000,001-$100,000 | $250,000 | 1 Year | $1,500 |
| Exceeds $100,000,001 | $300,000 | 1 Year | $1,800 |
Individuals operating as sole proprietors or partnerships applying for a residential mortgage lender license in New Jersey must meet state licensing requirements before engaging in regulated residential mortgage lending activity. Required by the State of New Jersey, the residential mortgage lender bond guarantees compliance with the Residential Mortgage Lending Act and provides financial protection for people harmed by covered wrongful acts, defaults, fraud or misrepresentation
| Aggregate Loan Volume in Preceding 12 Months | Bond Amount | Annual Premium |
| $0-$50,000,000 | $150,000 | $900 |
| $50,000,001-$75,000,000 | $200,000 | $1,200 |
| $75,000,001-$100,000,000 | $250,000 | $1,500 |
| Exceeds $100,000,001 | $300,000 | $1,800 |
Cost of the New Jersey Correspondent Residential Mortgage Lender Bond
The cost of a New Jersey Correspondent Residential Mortgage Lender Bond ranges from $900 to $1,800 per bond term with NNA Surety. View the aggregate loan volume table above to determine your required bond amount. Complete this form to get your bond today.
How the New Jersey Correspondent Residential Mortgage Lender Bond Works
The New Jersey correspondent residential mortgage lender bond protects consumers by holding licensed residential mortgage lenders financially accountable for complying with covered state residential mortgage lending requirements.
The bond involves three parties:
Principal: Individual or partnership residential mortgage lender
Obligee: State of New Jersey
Surety: Bonding company
A claim against the bond may be filed when covered wrongful acts, defaults, fraud or misrepresentation cause financial harm. The principal is responsible for repaying valid covered claims paid by the surety.
How to Get the New Jersey Correspondent Residential Mortgage Lender Bond
Follow these simple steps to get bonded with NNA Surety:
1. Complete this short online application.
2. Pay the $900 bond premium.
3. Receive the bond form via email.
4. Download and file the bond as required for your New Jersey residential mortgage lender license.
Learn more about your New Jersey surety bond options across the state.