Tennessee Mortgage Servicer Bond
Mortgage Servicer Surety Bond Coverage
| Bond Amount Required | Bond Term | Annual Premium |
| $200,000 | 1 Year | $1,200 |
Tennessee mortgage loan servicers must obtain the applicable state license and maintain a $200,000 surety bond. The bond helps protect persons injured by covered wrongful acts, defaults, fraud, or misrepresentation arising from the licensee's regulated mortgage servicing activities.
Cost of the Tennessee Mortgage Servicer Bond
The supplied NNA/Propeller cost of the $200,000 Tennessee Mortgage Servicer Bond is $1,200 for a one-year product term.
How the Tennessee Mortgage Servicer Bond Works
The Tennessee Mortgage Servicer Bond is payable to the State and provides financial protection for persons injured by covered wrongful acts, defaults, fraud, or misrepresentation of the mortgage loan servicer.
The bond involves three parties:
Principal: Licensed Tennessee mortgage loan servicer
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 Servicer Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $1,200 annual product premium.
- Receive the required bond documentation.
- File and maintain the $200,000 bond as required for your Tennessee mortgage loan servicer license.
Learn more about Tennessee surety bond options.
Secure Your Tennessee Mortgage Servicer Bond
Keep your Tennessee mortgage servicer licensing requirements on track by securing the required $200,000 surety bond. Complete this form or call 855-215-2160 to get bonded.