• Welcome to NNA Surety

Mortgage Broker Surety Bonds

What is a mortgage broker surety bond?

A mortgage broker surety bond is a binding legal agreement designed to encourage honest, ethical and legal behavior in how you run your brokerage. If you act in violation of state regulations and cause harm to your clients, the surety that holds the bond can be tapped to compensate them for financial losses. You, the mortgage loan broker or originator, will then be required to pay back the full amount to the surety company.

Mortgage brokers working in Illinois may also know this surety bond by the name “residential mortgage license bond."

Why do I need a mortgage broker surety bond?

Many states require mortgage brokers, or loan originators, to post a surety bond as part of the licensing process to operate a mortgage loan business. You should check the regulations in your state for specifics related to your mortgage brokerage.

Get Your Mortgage Broker Surety Bond

GET STARTED

How much does a mortgage broker bond cost?

Your bond premium can range from .75% to 3%, depending on your personal credit score and on your business's financial health and history.

Here is a list of the states in which NNA Surety Bonds provides bond policies for mortgage brokers, with premiums as low as .75%.

Cost of Mortgage Broker Surety Bonds
State Bond Amount Cost* (Annual Premium)
Arizona $10,000 / $15,000 $100 / $150
Connecticut $50,000 / $100,000 / $150,000 Varies*
Colorado $25,000 $188 – $250
Delaware $25,000 $188

See the bond price in your state

Arizona

Bond Amount

$10,000 / $15,000

Cost* (Annual Premium)

$100 / $150

Connecticut

Bond Amount

$50,000 / $100,000 / $150,000

Cost* (Annual Premium)

Varies*

Colorado

Bond Amount

$25,000

Cost* (Annual Premium)

$188 – $250

Delaware

Bond Amount

$25,000

Cost* (Annual Premium)

$188

Idaho

Bond Amount

$25,000

Cost* (Annual Premium)

$375

Illinois

Bond Amount

$20,000 - $150,000

Cost* (Annual Premium)

$150 - $1,125

Indiana

Bond Amount

$60,000

Cost* (Annual Premium)

$788 (two years)

Kentucky

Bond Amount

$50,000

Cost* (Annual Premium)

$375

Michigan

Bond Amount

$10,000 – $250,000

Cost* (Annual Premium)

Varies*

New Hampshire

Bond Amount

$50,000

Cost* (Annual Premium)

$375

New Mexico

Bond Amount

$50,000 - $150,000

Cost* (Annual Premium)

$375 - $1,125*

New York

Bond Amount

$10,000 - $100,000

Cost* (Annual Premium)

$100 - $750

North Dakota

Bond Amount

$25,000

Cost* (Annual Premium)

$188

Ohio

Bond Amount

$50,000 – $150,000

Cost* (Annual Premium)

$375*

Oregon

Bond Amount

$50,000 – $200,000

Cost* (Annual Premium)

$375 - $1,500

South Carolina

Bond Amount

$25,000 – $55,000

Cost* (Annual Premium)

$188 – $413*

South Dakota

Bond Amount

$25,000 / $35,000 / $50,000

Cost* (Annual Premium)

$188 / $263 / $375

Vermont

Bond Amount

$25,000 - $100,000

Cost* (Annual Premium)

$188 - $750*

Virginia

Bond Amount

$25,000 - $150,000

Cost* (Annual Premium)

$188 - $1,125

West Virginia

Bond Amount

$50,000 – $150,000

Cost* (Annual Premium)

$750 – $1,500

Wyoming

Bond Amount

$25,000

Cost* (Annual Premium)

$188

Call now to lock in your price

855-215-2160

Monday to Friday, 6 a.m. to 5 p.m. (PT)
*Cost can vary depending on the bond amount required and your credit rating

Don’t see your state? Give us a call: 855-215-2160

What are some mortgage broker bond requirements?

State laws regulating mortgage loan professionals vary, but many states require you to get a surety bond for licensing purposes.

Here are some steps to take if you want to qualify for a mortgage broker bond:

  1. Get in touch with the department in your state government that handles business licensing. Many states have helpful websites with checklists for getting started.
  2. Determine whether a surety bond is required for loan brokers and originators in your state.
  3. Contact us to get a free quote and begin the application process for a mortgage broker bond.

Get bonded in your state

We provide surety bonds for mortgage brokers and loan originators in the following states: Arizona, Colorado, Connecticut, Delaware, Idaho, Illinois, Indiana, Kentucky, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Vermont, Virginia, West Virginia, and Wyoming.

If you are ready to get a surety bond policy, or would like to learn more about the bond coverage required in your state, contact us!

What else should I know about the mortgage broker bond?

As with all surety bonds, the surety bond for mortgage brokers is a contract among three entities: the principal (your mortgage broker business), the obligee (the state regulating authority), and the surety (the company providing the bond). Should your company violate the terms of your mortgage broker license and damages are awarded, your surety will pay the affected party in the event that you become insolvent.  The surety company will still seek reimbursement from you for any losses paid on the claim.

Questions? Call NNASurety Bonds at 855-215-2160
Monday to Friday, 6 a.m. to 5 p.m. (PT)