Tennessee Mortgage Loan Broker Bond
Mortgage Broker Surety Bond Coverage
| Bond Amount Required | Bond Term | Annual Premium |
| $90,000 | 1 Year | $540 |
Tennessee mortgage loan brokers must obtain the applicable license and maintain surety bond coverage. A $90,000 bond applies to the first calendar year of licensing and certain early renewal periods. For later renewals, the required bond amount is based on Tennessee residential mortgage loan origination volume.
Cost of the Tennessee Mortgage Loan Broker Bond
The supplied NNA/Propeller cost of the $90,000 Tennessee Mortgage Loan Broker Bond is $540 for a one-year product term.
How the Tennessee Mortgage Loan Broker Bond Works
The Tennessee Mortgage Loan Broker Bond is payable to the State and is intended for the benefit of persons injured by covered wrongful acts, defaults, fraud, or misrepresentation of the licensee.
The bond involves three parties:
Principal: Licensed Tennessee mortgage loan broker
Obligee: State of Tennessee
Surety: Bonding company
A claim against the bond may arise from a covered failure to meet obligations secured by the bond. The principal is responsible for reimbursing the surety for valid covered claims paid.
How to Get the Tennessee Mortgage Loan Broker Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Confirm the bond amount required for your licensing or renewal period and pay the applicable premium.
- Receive the required bond documentation.
- File and maintain the bond as required for your Tennessee mortgage loan broker license.
Learn more about Tennessee surety bond options.
Secure Your Tennessee Mortgage Loan Broker Bond
Keep your Tennessee mortgage loan broker licensing requirements on track with the appropriate surety bond coverage. Complete this form or call 855-215-2160 to get bonded.