New Jersey Residential Mortgage Lender Bond - Corporation
Bond Details
| Closed Loan Volume | Bond Amount Required | Bond Term | Annual Premium |
| $0-$50,000,000 / Initial License | $150,000 | 1 Year | $900 |
New Jersey residential mortgage lenders must maintain a surety bond as part of licensing under the New Jersey Residential Mortgage Lending Act. A new Residential Mortgage Lender applicant must obtain at least $150,000 in coverage. This initial amount applies to the first $50 million of closed loan volume.
How the Bond Works
The blanket bond protects persons injured by covered wrongful acts, defaults, fraud, or misrepresentations of the licensed business and covered individuals. The business licensee obtains the bond to cover its qualified individual licensees, mortgage loan originators, other employees, and agents.
Principal: New Jersey Residential Mortgage Lender business licensee
Obligee: State of New Jersey / Department of Banking and Insurance
Surety: Surety company authorized to conduct business in New Jersey
Learn about the surety bond claim process for general information about claims and principal reimbursement obligations.
How to Get the Bond
- Confirm that the business is applying for a New Jersey Residential Mortgage Lender license.
- For a new license or closed loan volume up to $50 million, obtain the $150,000 bond.
- Complete the online bond application.
- Ensure the full legal name on the bond exactly matches the applicant's legal name.
- File the bond and other required licensing materials as directed by New Jersey DOBI/NMLS.
Review the New Jersey DOBI Residential Mortgage Lender requirements for current licensing instructions.
Important Renewal / Volume Note
The $150,000 amount is not necessarily the permanent bond amount. New Jersey requires the bond to increase when annual closed loan volume reaches a higher regulatory tier. Licensees should review their annual report and maintain the amount required for their current volume.
Get Your New Jersey Residential Mortgage Lender Bond
Start your New Jersey Residential Mortgage Lender Bond - Corporation application online. For assistance, call 855-215-2160.