North Dakota Residential Mortgage Lender Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
Businesses and individuals required to hold a residential mortgage lender license in North Dakota must maintain a surety bond of at least $50,000. Required by the State of North Dakota, the North Dakota residential mortgage lender bond helps support compliance with applicable residential mortgage lending requirements and provides financial security for covered obligations.
Cost of the North Dakota Residential Mortgage Lender Bond
The supplied cost of the $50,000 North Dakota residential mortgage lender bond is $300 per one-year bond term with NNA Surety. Current public NNA Surety information lists a $500 annual rate, so the premium should be confirmed before publication.
How the North Dakota Residential Mortgage Lender Bond Works
The North Dakota residential mortgage lender bond holds licensed residential mortgage lenders financially accountable for covered obligations under North Dakota residential mortgage lending law.
The bond involves three parties:
Principal: Licensed residential mortgage lender
Obligee: State of North Dakota
Surety: Bonding company
A claim against the bond may arise from covered conduct or obligations secured by the bond. When an action is commenced on a licensee's bond, the Commissioner may require a new bond, and a new bond must be filed immediately after recovery on an action. The principal is responsible for reimbursing the surety for valid covered claims paid.
How to Get the North Dakota Residential Mortgage Lender Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable bond premium after confirming the current rate.
- Receive the bond form via email.
- File the bond as required for your North Dakota residential mortgage lender license.
Learn more about your North Dakota surety bond options across the state.
Secure Your North Dakota Residential Mortgage Lender Bond
Keep your North Dakota residential mortgage lender licensing requirements on track by securing the required bond with NNA Surety. Complete this form or call 855-457-2196 to get bonded.