Mortgage Broker Surety Bonds

Alabama

Mortgage Broker Bond

Mortgage Brokers in Alabama are required to post a $25,000 to $75,000 surety bond as a condition of licensure. The NNA has secured premiums of $6 per $1,000 in liability for all Alabama Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Alabama Mortgage Brokers and lasts for 1 year.

Alaska

Mortgage Broker or Lender Bond

Mortgage Brokers in Alaska are required to post a $75,000 surety bond as a condition of licensure. The NNA has secured $450 flat rates for all Alabama Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Alaska Mortgage Brokers and lasts for 1 year.

Arizona

Mortgage Broker Bond

To obtain your Arizona mortgage broker bond, applicants must be a resident of the state. Arizona’s Department of Financial Institutions is the governing body which oversees the licenses and regulations in the state. Mortgage broker bond amounts are either $10,000 (if investors are institutions) or $15,000 (if investors are non-institutional). No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) in Arizona is only $100.

Mortgage Banker Bond

To obtain your Arizona mortgage banker bond, applicants must be a resident of the state. Arizona’s Department of Financial Institutions is the governing body which oversees the licenses and regulations in the state. Mortgage banker surety bond requirements vary between $25,000 (if investors are institutions) and $100,000 (if investors are non-institutional). No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) is only $6 per thousand of the bond amount.

Mortgage Loan Originator

To obtain your Arizona mortgage loan originator bond, applicants must be a resident of the state. Arizona’s Department of Financial Institutions is the governing body that oversees the licenses and regulations in the state. Mortgage Loan Orginators must maintain a $200,000 bond. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) is only $6 per thousand of the bond amount.

Arkansas

Mortgage Broker Bond

Mortgage Brokers in Arkansas are required to post a bond with a liability amount of $100,000, $150,000, or $200,000 as a condition of licensure. The NNA has secured fixed premium rates of $6 per $1,000 in liability $1200 flat rates for all Arkansas Mortgage Brokers without a credit check or review of financials (up to $1M in aggregate liability). This bond meets the licensing requirements for Arkansas Mortgage Brokers and lasts for 1 year. Each mortgage broker must file for renewal between November 1 and December 31 of the Calendar year.

Mortgage Servicer Bond

Mortgage Servicers in Arkansas are required to post a $100,000 to $200,000 surety bond as a condition of licensure. The NNA has secured $600 to $1200 flat rates for all Arkansas Mortgage Servicers to obtain this bond without a credit check. This bond meets the licensing requirements for Arkansas Mortgage. Brokers and lasts for 1 year. Each mortgage broker must file for renewal between November 1 and December 31 of the Calendar year.

Mortgage Banker Bond

Mortgage Bankers in Arkansas are required to post a $100,000 to $200,000 surety bond as a condition of licensure. The NNA has secured $600 to $1200 flat rates for all Arkansas Mortgage Bankers to obtain this bond without a credit check. This bond meets the licensing requirements for Arkansas Mortgage. Bankers and lasts for 1 year. Each mortgage broker must file for renewal between November 1 and December 31 of the Calendar year.

California

Residential Mortgage Lender

California mortgage lender bonds are required for those that have either CFL or RMLA licenses. The CFL license requires a bond in the amount of $50,000, $1000,000, or $200,000 and is regulated by the Commissioner of Financial Protection and Innovation of the State of California. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

California Financing Law (CFL) License Bond

California mortgage lender bonds are required for those that have either CFL or RMLA licenses. The CFL license requires a bond in the amount of $25,000, $50,000, $100,000 or $200,000 and is regulated by the Commissioner of Financial Protection and Innovation of the State of California. The Residential Mortgage Lender Bond (RMLA) is $50,000 and regulated by the State of California. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

Colorado

Mortgage Loan Originator

Colorado Mortgage Broker Bonds are broken into two types: individual and company. The bond amount varies between the two. Individual mortgage broker bonds require a minimum $25,000. Companies with less than 20 licensees must obtain a minimum $100,000 surety bond. Companies with 20 or more licensees require a minimum of $200,000 surety bond. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) cost $6 per thousand of the bond amount.

Connecticut

Mortgage Broker Bond

Mortgage Brokers in Connecticut are required to post a $50,000 surety bond as a condition of licensure. The NNA has secured $300 flat rates for all Connecticut Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Connecticut Mortgage Brokers and lasts for 1 year.

Mortgage Lender Bond

Mortgage Lenders in Connecticut are required to maintain a $100,000 to $500,000 surety bond as a condition of licensure. The NNA has secured $600 to $3,000 flat rates for all Connecticut Mortgage Brokers to obtain this bond without a credit check ($6 premium per $1,000 liability). This bond meets the licensing requirements for Connecticut Mortgage Lenders and lasts for 1 year.

Mortgage Servicer Bond

Mortgage servicers in Connecticut are required to post a $100,000 surety bond as a condition of licensure. The NNA has secured $600 flat rates for all Connecticut Mortgage Servicers to obtain this bond without a credit check. This bond meets the licensing requirements for Connecticut Servicer Brokers and lasts for 1 year.

Delaware

Mortgage Broker Bond

Mortgage Brokers in Delaware are required to post a $25,000 surety bond as a condition of licensure. The NNA has secured $150 flat rate for all Delaware Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Delaware Mortgage Brokers and lasts for 1 year.

Mortgage Lender Bond

Mortgage Lenders in Delaware are required to post a $25,000 to $200,000 surety bond as a condition of licensure. The NNA has secured a $6 premium per $1,000 liabilty for all Delaware Mortgage Originators to obtain this bond. This bond meets the licensing requirements for Delaware Mortgage Originators and lasts for 1 year.

District of Columbia

Mortgage Lender/Broker Bond

Mortgage Brokers in the District of Columbia are required to post a $12,000 to $200,000 surety bond as a condition of licensure. The NNA has secured a premium of $6 per $1,000 in liability ($100 minimum premium) for all District of Columbia Mortgage Brokers and lenders to obtain this bond without a credit check. This bond meets the licensing requirements for District of Columbia Mortgage Brokers/Lenders and lasts for 1 year.

Florida

To purchase a Florida Mortgage Broker bond please fill out our free quote form, or call us at 855-968-1209.

Georgia

Mortgage Broker Bond

All mortgage brokers seeking to obtain their license must obtain a Georgia mortgage broker bond. The Georgia Department of Banking and Finance oversees and regulates mortgage brokers in order to ensure they comply with all licensing laws. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) is only $6 per thousand of the bond amount.

Mortgage Lender Bond

All mortgage lenders seeking to obtain their licenses must obtain a Georgia mortgage broker bond. The Georgia Department of Banking and Finance oversees and regulates mortgage brokers in order to ensure they comply with all licensing laws. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) is only $6 per thousand of the bond amount.

Hawaii

Mortgage Servicer Bond

Hawaii's mortgage servicer bond requirements mandate that individuals or entities engaged in mortgage servicing activities must obtain a surety bond to ensure compliance with state regulations. The bond amount of $100,000 is the coverage limit that the bonding company will pay out in case the mortgage servicer violates any regulations or contractual obligations. This bond aims to protect consumers and the state from potential financial harm caused by the licensee. The bond also serves as a form of financial security, holding mortgage servicers accountable for their actions and providing a way for affected parties to seek compensation in case of any wrongdoing. The NNA has secured a $600 flat rate for all Hawaii Mortgage Servicers.

Idaho

To purchase a Idaho Mortgage Broker bond please fill out our free quote form, or call us at 855-968-1209.

Illinois

Residential Mortgage License Bond

To obtain an Illinois Residential Mortgage License, applicants must fulfill several requirements. This includes obtaining a surety bond, the amount of which is determined by the Illinois Department of Financial and Professional Regulation (IDFPR) based on the loan volume of the licensee. The bond serves as a form of financial security to protect consumers from potential damages caused by the licensee's actions.

Residential Mortgage License - Exempt Entity

To obtain an Illinois Residential Mortgage License, applicants must fulfill several requirements. This includes submitting a surety bond, the amount of which is determined by the Illinois Department of Financial and Professional Regulation (IDFPR) based on the loan volume of the licensee. The bond serves as a form of financial security to protect consumers from potential damages caused by the licensee's non-compliance or unethical practices.

Indiana

Mortgage Lender Bond

Mortgage lenders in Indiana are required to post a $100,000 surety bond as a condition of licensure. The NNA has secured $600 flat rate for all Indiana Mortgage Lender to obtain this bond without a credit check. This bond meets the licensing requirements for Indiana Mortgage Lenders and lasts for 1 year.

Mortgage Broker Bond

Mortgage Brokers in Indiana are required to obtain a loan broker bond in the amount of $60,000 as a condition of licensure. The NNA has secured $600 flat rate for all Indiana Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Indiana Mortgage Brokers and lasts for 1 year.

Iowa

Mortgage Broker Bond

Mortgage Brokers in Iowa are required to maintain a $100,000 surety bond as a condition of licensure. The NNA has secured $600 flat rates for all Iowa Mortgage Brokers to obtain this bond. This bond meets the licensing requirements for Iowa Mortgage Brokers and lasts for 1 year.

Kansas

Licensees or applicants will provide a Surety Bond in the amount of $100,000. If the licensee or applicant originated or made more than $50,000,000 in Kansas mortgage loans during the previous calendar year, a $125,000 surety bond is required. Kansas requires mortgage companies to obtain a surety bond as part of their licensing process. The bond's purpose is to protect consumers from potential financial harm resulting from the mortgage company's actions. The NNA has secured a $600 flat rate for bond amounts of $100,000 and a $750 flat rate for bond amounts of $125,000 for Kansas Mortgage Companies.

Kentucky

Mortgage Loan Company Bond (Individual)

Mortgage Loan Companies in Kentucky are required to maintain a $250,000 surety bond as a condition of licensure. The NNA has secured a $1500 flat rate for all Kentucky Mortgage Companies to obtain this bond without a credit check or financials. This bond meets the licensing requirements for Kentucky Mortgage Loan Companies and lasts for 1 year.

Mortgage Broker Bond (Company)

Mortgage Brokers in Kentucky are required to post a $50,000 surety bond as a condition of licensure. The NNA has secured a $300 flat rate for all Kentucky Mortgage Brokers to obtain this bond without a credit check or review of company financials. This bond meets the licensing requirements for Kentucky Mortgage Brokers and lasts for 1 year.

Louisiana

Residential Mortgage Lender Bond

In Louisiana, residential mortgage lenders are required to obtain a surety bond as part of their licensing process through the Office of Financial Institutions (OFI). The bond's purpose is to provide financial protection to consumers in case the lender engages in unethical or unlawful practices. The bond amount is determined by the OFI and is based on factors such as the lender's loan volume and financial stability. the bond amount ranges from $25,000 to $50,000. Lenders must also ensure that the bond remains active and in effect throughout their licensing period.

Maine

Loan Broker Bond

Mortgage Brokers in Maine are required to post a $25,000 surety bond as a condition of licensure. The NNA has secured $150 flat rate for all Maine Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Maine Mortgage Brokers and lasts for 1 year.

Supervised Lender Bond/Mortgage Lender Bond

Mortgage Brokers in Maine are required to post a $50,000 surety bond as a condition of licensure. The NNA has secured $300 flat rate for all Maine Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Maine Mortgage Brokers and lasts for 1 year.

Maryland

Mortgage Lender Bond

Mortgage Lenders in Maryland are required to maintain a $50,000 to $150,000 surety bond as a condition of licensure. The NNA has secured $300 to $150,000 flat rates for all Maryland Mortgage Lenders to obtain this bond. This bond meets the licensing requirements for Maryland Mortgage Lender and lasts for 1 year.

Massachusetts

Mortgage Broker Bond

Mortgage Brokers in Massachusetts are required to post a $75,000 surety bond as a condition of licensure. The NNA has secured a $450 flat rate for all Massachusetts Mortgage Brokers to obtain this bond without a credit check. This bond meets the licensing requirements for Massachusetts Mortgage Brokers and lasts for 1 year.

Mortgage Lender Bond

Mortgage Lenders in Massachusetts are required to post a surety bond in an amount ranging from $100,000 to $500,000 as a condition of licensure, based upon the voume of closed residential loans. For companies with > $250M in funded volume, the bond requirement is $500,000. For Lenders with volume > $50M but less than $250M, the bond requirement is $250,000. For Lenders with volume less than $50M, the bond requirement is $100,000. The NNA has secured a rate of $6 per $1,000 of liability premioum for all Massachusetts Mortgage Lenders to obtain this bond without a credit check. This bond meets the licensing requirements for Massachusetts Mortgage Lenders and lasts for 1 year.

Mortgage Originator Bond

If a mortgage loan originator is an employee or exclusive agent of mortgage broker or mortgage lender, the surety bond of the mortgage broker or mortgage lender may be used to satisfy the mortgage loan originaotr's surety bond requirement. The amount of the Individual Mortgage Originators bon in Massachusetts is $25,000. The NNA has secured a $150 flat rate for all Massachusetts Mortgage Originators to obtain this bond without a credit check. This bond meets the licensing requirements for Massachusetts Mortgage Originator and lasts for 1 year.

Michigan

Mortgage Loan Originator - Individual

Individual mortgage loan originators in Michigan are required to obtain a bond. The bond amount required is $10,000 for individuals applying for the first time, or if the loan originator's volume of closed loans in the preceding calendar year is less than $12,000,000. The bond amount required is $25,000 if the sum of the principal amounts of mortgage loans closed by the licensed mortgage loan orginator in the preceding calendar year is $12,000,000 or more and less than $24,000,000. The bond amount required is $50,000 if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar is year is $24,000,000 or more. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) cost is $6 per thousand of the bond amount (Minimum premium is $100).

Mortgage Loan Originator - Company

Mortgage companies licensed in Michigan may submit licesne form FIS 2137 in lieu of FIS 2135 if the individual loan originator is an employee or exclusive agent of said Sponsoring Company. The Michigan Department of Insurance and Financial Services is the governing body for rules and regulations for these bonds. The bond amounts required vary based on the closed mortgage volume of the licensed entity in the preceding calendar year. Less than $12M requires $50,000 bond. Greater than $12M but less than $24M requires $150,000 bond. Greater than $24M requires a $250,000 bond. No credit check or financials needed up to $1M in aggregate bonds, and the bond premium (cost) is $6 per thousand of the bond amount.

Michigan First Mortgage Broker, Lender and Servicer Bond

To become a mortgage broker, lender, or servicer in the state of Michigan, applicants must provide proof of a surety bond payable to the commissioner. Michigan requires a $25,000 surety bond for mortgage brokers and lenders. Mortgage servicers are required to obtain a $125,000 bond. The cost for these bonds is $6 per $1,000 in liability and are available without a credit check or review of financial statements. Individuals who originate mortgage loans are qured to be licensed separately as a mortgage loan originator.

Minnesota

Residential Mortgage Originator

In Minnesota, residential mortgage originators are mandated to secure a surety bond as part of their licensing prerequisites through the Department of Commerce. The bond serves as a safeguard for consumers, offering financial recourse in case the originator conducts business in violation of legal and ethical standards. The bond amount is determined based on the originator's annual loan volume, with minimum requirements ranging from $100,000 to $200,000. This bond must be obtained from a state-approved surety company. It's essential for originators to keep their bonds active and valid throughout their licensing tenure. Licenses expire on December 31 of each year and are renewable on January 1 of each year after that date.

Residential Mortgage Servicer

In Minnesota, residential mortgage servicers are mandated to secure a surety bond as part of their licensing prerequisites through the Department of Commerce. The bond serves as a safeguard for consumers, offering financial recourse in case the servicer conducts business in violation of legal and ethical standards. The bond amount is determined based on the originator's annual loan volume, with minimum requirements ranging from $100,000 to $200,000. This bond must be obtained from a state-approved surety company. It's essential for the servicer to keep their bonds active and valid throughout their licensing tenure. Licenses expire on December 31 of each year and are renewable on January 1 of each year after that date.

Mississippi

Mortgage Lender Bond

Mississippi requires mortgage lenders to post a surety bond to obtain and maintain their license through the Department of Banking and Consumer Finance. The bond amount required is $150,000. Mortgage lenders must keep their bonds active and in compliance with state regulations throughout their licensing period.

Missouri

Residential Mortgage Loan Broker License Bond

Residential mortgage loan brokers are required to obtain a surety bond as part of their licensing process through the Division of Finance. The bond is intended to provide a level of financial protection to consumers who engage with the broker's services. The bond amount is determined based on factors such as the broker's loan volume and financial standing, with minimum requirements ranging from $50,000 to $500,000. The bond must be obtained from a state-approved surety company. It's essential for brokers to maintain an active and valid bond throughout their licensing period to ensure ethical and lawful practices within the state.

Montana

Mortgage Broker Bond

Montana requires mortgage brokers to post a surety bond as part of the licensing process through the Montana Division of Banking and Financial Institutions. The bond's purpose is to provide a form of financial protection for consumers who engage with the services of the mortgage broker. The bond amount is typically determined based on the broker's loan volume and financial stability, with amounts ranging from $25,000 to $1000,000. Mortgage brokers must maintain a valid and active bond throughout their licensing period.

Mortgage Lender Bond

Montana mandates mortgage lenders to post a surety bond as part of their licensing process through the Montana Division of Banking and Financial Institutions. The bond serves as a financial safeguard for consumers who engage with the services of the mortgage lender. The bond amount is determined based on factors like the lender's loan volume and financial stability, with minimum amounts ranging from $25,000 to $100,000. It's essential for mortgage lenders to maintain an active and valid bond throughout their licensing tenure.

Mortgage Servicer Bond

Montana mandates mortgage servicers to post a surety bond as part of their licensing process through the Montana Division of Banking and Financial Institutions. The bond serves as a financial safeguard for consumers who engage with the services of the mortgage servicer. The bond amount is determined based on factors like the lender's loan volume and financial stability, with minimum amounts typically ranging from $75,000 to $350,000. It's essential for mortgage servicers to maintain an active and valid bond throughout their licensing tenure.

Nebraska

Mortgage Banker Bond

In Nebraska, mortgage bankers are required to secure a surety bond as part of their licensing process overseen by the Nebraska Department of Banking and Finance. The bond liability amount required varies between $100,000 and $200,000 based onupon the dollar amount of closed residentail mortgage loans from the previous calendar year. The bond requirement ensures that mortgage bankers operate in compliance with state regulations and laws governing mortgage banking activities.

Nevada

Mortgage Servicer Bond

Nevada Mortgage Servicer Bond is required for companies engaged in mortgage servicing activities within the state. The bond amount is determined by the Division of Mortgage Lending and is based on factors such as loan volume and history. This bond is designed to ensure compliance with state regulations and to provide a financial recourse for consumers in case of any misconduct or violations by the mortgage servicer.

Mortgage Broker Bond

Nevada Mortgage Brokers require a bond amount ranging from $50,000 to $75,000. This bond guarantees that mortgage brokers operating within the state will adhere to regulations and fulfill their obligations to clients and authorities. The Nevada Division of Mortgage Lending mandates the surety bond.

Mortgage Banker Bond

Nevada Mortgage Bankes are required to maintain a bond amount ranging from $50,000 to $75,000. This bond guarantees that mortgage brokers operating within the state will adhere to regulations and fulfill their obligations to clients and authorities. The Nevada Division of Mortgage Lending mandates the surety bond.

New Hampshire

Mortgage Broker Bond

Mortgage brokers seeking licensure are required to secure a surety bond valued at $50,000 through the New Hampshire Banking Department. This surety bond provides financial protection for consumers who engage with the services of the mortgage broker. The bond amount ensures that mortgage brokers adhere to state regulations and laws governing mortgage brokerage activities. It is crucial for mortgage brokers to uphold an active and valid bond throughout their licensing period to maintain ethical and compliant operations.

Mortgage Servicer Bond

Mortgage Services in New Hampshire are required to post a surety bond as a condition of licensure.

Mortgage Banker Bond

In New Hampshire, mortgage bankers are generally required to obtain a surety bond valued at $100,000 as part of the licensing process overseen by the New Hampshire Banking Department. The NNA has secured a $600 flat rate for New Hampshire service bankers.

New Jersey

Residential Mortgage Broker Corporation Bond

As a condition of your licensure, residential mortgage brokers must apply for a New Jersey mortgage broker bond. The New Jersey Department of Banking & Insurance regulate this bond for mortgage brokers. Bond amounts in New Jersey range from $150,000-$300,000. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

Residential Mortgage Broker Bond - Individual/Partnership

As a condition of your licensure, residential mortgage brokers must apply for a New Jersey mortgage broker bond. The New Jersey Department of Banking & Insurance regulate this bond for mortgage brokers. Bond amounts in New Jersey range from $150,000-$300,000. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

Correspondent Residential Mortgage Lender Bond - Individual/Partnership

New Jersey correspondent residential mortgage lenders are obligated to secure a surety bond ranging from $100,000 to $300,000 as part of their licensing process under the oversight of the New Jersey Department of Banking and Insurance. This surety bond acts as a financial safeguard for consumers who engage with the services of the correspondent lender. The specific bond amount within the specified range is determined based on factors such as the lender's loan volume and financial stability. It is imperative for lenders to maintain an active and valid bond throughout their licensing period. The NNA has secured a $600 to $1,800 flat rate for all New Jersey Mortgage Lenders.

Residential Mortgage Lender Bond - Individual/Partnership

New Jersey residential mortgage lenders are typically obligated to secure a surety bond ranging from $100,000 to $300,000 as part of their licensing process under the oversight of the New Jersey Department of Banking and Insurance. This surety bond acts as a financial safeguard for consumers who engage with the lender's services. The specific bond amount within the specified range is determined based on factors such as the lender's loan volume and financial stability. It is imperative for lenders to maintain an active and valid bond throughout their licensing period. The NNA has secured a $600 to $1,800 flat rate for all New Jersey Mortgage Lenders.

Residential Mortgage Lender Bond - Corporation

New Jersey residential mortgage lenders are typically obligated to secure a surety bond ranging from $100,000 to $300,000 as part of their licensing process under the oversight of the New Jersey Department of Banking and Insurance. This surety bond acts as a financial safeguard for consumers who engage with the lender's services. The specific bond amount within the specified range is determined based on factors such as the lender's loan volume and financial stability. It is imperative for lenders to maintain an active and valid bond throughout their licensing period. The NNA has secured a $600 to $1,800 flat rate for all New Jersey Mortgage Lenders.

New Mexico

Mortgage Loan Company Bond

In New Mexico, mortgage loan originators are typically mandated to obtain a surety bond ranging from $50,000 to $150,000 as part of their licensing process, regulated by the Financial Institutions Division of the New Mexico Regulation and Licensing Department. This surety bond serves as financial protection for consumers engaging with the services of the mortgage loan originator. The specific bond amount within the provided range is contingent upon factors such as the originator's loan volume and financial stability. By implementing this bond requirement, the state ensures that mortgage loan originators adhere to state regulations and laws governing mortgage lending activities. It's essential for mortgage loan originators to maintain an active and valid bond throughout their licensing tenure.

New York

Mortgage Loan Originator - Individual

Loan Originators that are not covered by an Originating Entity surety bond must maintan an individual surety bond. New York licensed mortgage loan originators are required to maintain a surety bond based on the dollar volume of loans originated by the mortgage loan originator, between $10,000 and $100,000.

Mortgage Loan Originator - Entity

New York Mortgage Loan Originators are required to post a surety bond of $50,000 to $500,000. This surety bond is designed to provide financial protection to consumers and the state, ensuring that MLOs adhere to state laws, regulations, and ethical practices while originating mortgage loans. bond required by the Department of financial services.

Mortgage Banker Bond

New York Mortgage Bankers are required to post a bond amount within the range of $50,000 to $500,000. This bond is a financial guarantee that mortgage bankers in New York will adhere to state regulations, and ethical standards, and fulfill their obligations to clients and authorities. bond required by the Department of financial services.

Mortgage Broker Bond

New York Mortgage Brokers are required to post a bond amount within the range of $10,000 to $100,000. This bond is a financial guarantee that mortgage brokers in New York will adhere to state regulations and ethical standards, and fulfill their obligations to clients and authorities. bond required by the Department of financial services.

North Carolina

Mortgage Broker Bond

North Carolina requires mortgage brokers to obtain a surety bond as part of their licensing process through the North Carolina Commissioner of Banks. The bond serves as a financial safeguard for consumers who use the services of the mortgage broker. The bond amount is determined based on the broker's loan volume and financial stability, with required liability amounts ranging from $75,000 to $250,000. Mortgage brokers are required to maintain a valid and active bond throughout their licensing period.

Mortgage Lender Bond

Mortgage lenders are required to secure a surety bond during the licensing process overseen by the North Carolina Commissioner of Banks. This bond is designed to provide financial protection to consumers who engage with the mortgage lender's services. The specific bond amount varies based on factors such as the lender's loan volume and financial stability, ranging from $150,000 to $500,000. It's imperative for mortgage lenders to maintain an active and valid bond throughout their licensing period.

North Dakota

Residential Mortgage Lender

North Dakota residential mortgage lenders are required by the New Residential Mortgage Lender License and Branch Registration to obtain a surety bond of $50,000 as part of their licensing process. This bond amount serves as a financial safeguard for consumers in case the lender engages in fraudulent, unethical, or non-compliant activities. The bond is designed to provide compensation to affected parties if the licensee's actions cause financial harm. The NNA has secured a $300 flat rate for residential mortgage brokers and lenders lenders in North Dakota.

Ohio

Mortgage Surety Bond

The Ohio Department of Commerce dictates that mortgage brokers must purchase an Ohio mortgage broker bond in order to legally perform their duties in the state. Bond amounts in Ohio must be between $50,000 and $150,000 and the bond requirement is calculated at a rate of .50 percent of the principal's aggregate loan amount of residential mortgage loans originated in the preceding calendar year . Getting your mortgage broker bond ensures you are compliant with the Ohio Mortgage Broker Act and it must always be renewed every year before December 31st and kept active. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

Oklahoma

Mortgage Lender License Bond

The Department of Consumer Credit requires Oklahoma Mortgage Lenders to maintain a Surety Bond in the amount of $100,000. This bond is intended to serve as a financial guarantee that mortgage lenders in Oklahoma will operate according to state regulations, ethical standards and fulfill their obligations to borrowers and regulatory authorities.

Oregon

Mortgage Lender Bond

Oregon Mortgage Lenders are required by the Division of Financial Regulation to maintain a surety bond in an amount between $50,000 - $200,000 based on volume of loans closed. This bond is designed to provide financial protection for consumers and ensure that mortgage lenders in Oregon adhere to state regulations, and ethical standards, and fulfill their obligations to borrowers and regulatory authorities.

Mortgage Servicer Bond

The Division of Financial Regulation requires Oregon Mortgage Servicers to maintain a surety bond in an amount between $50,000 and $200,000 (based on serviced volume). This bond is designed to provide financial protection for consumers and ensure that mortgage lenders in Oregon adhere to state regulations and ethical standards and fulfill their obligations to borrowers and regulatory authorities.

Pennsylvania

Mortgage Originator Bond - Individual

Pennsylvania Mortgage Brokers are required to obtain a bond for $50,000 to $150,000 by the Pennsylvania Department of Banking and Securities. Mortgage brokers need good credit and financial standing to qualify for the bond, which is issued for one year and requires renewal. The NNA has secured a $6 premium rate per $1,000 in liability for all Pennsylvania Mortgage originators.

Mortgage Employer or Sponsor of Mortgage Originators Bond

Pennsylvania Mortgage Brokers are required to maintain a surety bond for $50,000 to $500,000 by the Pennsylvania Department of Banking and Securities. This bond is issued for one year and requires renewal. This bond is a financial safeguard, protecting clients and the state from any financial harm caused by the mortgage licensee. The NNA has secured a rate of $6 per $1,000 in liability for all Pennsylvania Mortgage brokers.

Rhode Island

Loan Broker Bond

Loan brokers in Rhode Island are generally required by the Department of Business Regulation to obtain a Loan Broker Bond with a bond amount of $20,000. This bond is intended to provide financial protection to both clients and the state in case the loan broker's activities cause financial harm. Licensees with 4 to 7 branches must increase the pimary bond amount by $10,000. Licensees with 8 or more branches must post an additional bond amount of $25,000.

Loan Lender Bond

Loan brokers in Rhode Island are generally required by the Department of Business Regulation to obtain a Loan Broker Bond with a bond amount of $20,000. This bond is intended to provide financial protection to both clients and the state in case the loan broker's activities cause financial harm. Licensees with 4 to 7 branches must increase the pimary bond amount by $10,000. Licensees with 8 or more branches must post an additional bond amount of $25,000.

South Carolina

Mortgage Broker Bond

In South Carolina, mortgage brokers are required by the Department of Consumer Affairs to purchase and maintain Mortgage Broker Bond as part of the licensing process. The bond varies in liability requirement from $25,000 to $55,000 based upon the volume of mortgages originated in the preceding calendar year. This bond is designed to offer financial protection to clients and the state in the event of financial loss caused by the mortgage broker. The NNA has secured a $6 premium per $1,000 in liability rate rate for all South Carolina Mortgage Brokers.

Mortgage Lender/Servicer Bond

In South Carolina, mortgage lenders and servicers are required by the Department of Consumer Affairs to obtain a Mortgage Lender and Servicer Bond as part of the licensing process. The bond varies in liaiblity amount between $50,000 and $150,000 depending on the closed mortgages from the preceding calendar year.. This bond is designed to offer financial protection to clients and the state in the event either are harmed financially by the actions of the licensee. The NNA has secured a $300 to $900 flat rate for all South Carolina Mortgage Lenders and Servicers.

South Dakota

Mortgage Broker or Lender Bond

In South Dakota, mortgage brokers and lenders are required by the Division of Banking to obtain a Mortgage Broker/Lender Bond in the amount of $25,000, $35,000, or $50,000 as part of the licensing process. The bond serves as a financial safeguard for clients and the state against any losses caused by the licensee.. The bonding company issuing the bond usually assesses the financial history and creditworthiness of the broker. the NNA has secured a premium of $6 per $1,000 in liability for all South Dakota Mortgage Brokers/Lenders.

Tennessee

Mortgage Loan Broker Bond

Tennessee mortgage loan brokers are required by the Department of Financial Institutions to obtain a $90,000 Mortgage Loan Broker Bond as part of the licensing process. This bond serves as a financial safeguard for clients and the state in case the actions of the mortgage broker cause financial harm to the client. The bonding company issuing the bond usually evaluates the financial history and creditworthiness of the broker. The NNA has secured a $540 flat rate for all Tennessee Mortgage Loan Brokers.

Mortgage Loan Servicer Bond

The Department requires Tennessee mortgage loan servicers of Financial Institutions to obtain a $200,000 Mortgage Loan Broker Bond as part of the licensing process. This bond is a financial safeguard for clients and the state if the licensee causes financial harm to a client. The bonding company issuing the bond usually evaluates the financial history and creditworthiness of the servicer. The NNA has secured a $1200 flat rate for all Tennessee Mortgage Loan Servicers.

Mortgage Lender Bond

The Department requires Tennessee mortgage loan lenders of Financial Institutions to obtain a $200,000 Mortgage Loan Lender Bond as part of the licensing process. This bond is a financial safeguard for clients and the state if the mortgage lender causes financial harm to a client. The bonding company issuing the bond usually evaluates the financial history and creditworthiness of the servicer. The NNA has secured a $1200 flat rate for all Tennessee Mortgage Loan Lenders

Texas

Residential Mortgage Loan Servicer Bond

Texas residential mortgage loan servicers are required by the Department of Savings and Mortgage Lending to secure a Residential Mortgage Loan Servicer Bond with a bond amount of $25,000 or $50,000, depending on serviced volume. This bond serves as financial protection for clients and the state in case the residential mortgage loan servicer causes financial harm to a customer. The bonding company issuing the bond usually evaluates the financial history and creditworthiness of the servicer. The NNA has secured a flat rate of $6 per $1,000 for all Texas Residential Mortgage Loan Servicers.

Utah

To purchase a Utah Mortgage Broker bond please fill out our free quote form, or call us at 855-968-1209.

Vermont

Loan Servicer Bond

Loan servicers are required by the Department of financial regulation to obtain a $100,000 Loan Servicer Bond as part of the licensing process. This bond serves as financial protection for clients and the state in the event that the loan servicer engages in unethical or unlawful activities. The bonding company issuing the bond usually assesses the financial history and creditworthiness of the servicer. The NNA has secured a $600 flat rate for all Vermont Loan Servicers.

Mortgage Broker/Lender Combination Bond

The Department of financial regulation requires mortgage brokers to maintain a surety bond in an amount raning from $25,000-$150,000 as part of the licensing process. This bond serves as financial protection for clients and the state in the event that the licensee's activity causes financial harm. The NNA has secured a premium of $6 per $1,000 in bond liability for all mortgage brokers/lenders/orginators in Vermont.

Virginia

Mortgage Broker Bond

Virginia mortgage broker bonds ensure that mortgage brokers in the state comply with all rules and regulations that govern their industry. They are meant to protect your customers. These bond amounts range from $25,000-$150,000 depending on the volume of residential mortgages closed in preceding calendar year. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

Mortgage Broker and Lender Combined Bond

Virginia mortgage brokers and lenders can obtain a combined bond to meet their licensing requirements. These bond amounts range from $50000-$150,000 depending on how much loan volume was funded in the preceding calendar year. No credit check or financials needed up to $1M in aggregate bonds, your bond premium (your cost) can range from as low as $6 per thousand of the bond amount.

Washington

Mortgage Broker Bond

Mortgage brokers are required by the Washington State Department of Financial Institutions to obtain a Mortgage Broker Bond with a bond amount of $20,000 as part of the initial licensing process. Existing mortgage brokers will need to maintain a bond in the amount of $20,000, $40,000, or $60,000 depending on the volume of loan originations completed in the preceding calendar year. This bond serves as a form of financial protection for clients and the state to compensate for any financial harm caused by the broker. The NNA has secured a flat rate of $120 for all Washington Brokers.

West Virginia

Mortgage Broker Bond

West Virginia mortgage brokers are required to obtain a Mortgage Broker Bond with a bond amount ranging from $50,000 to $100,00 as part of their licensing process. The specific bond amount within this range is determined based on factors like the mortgage brokers' loan volume and financial status. The NNA has secured a $6 rate per $1,000 of liability for all West Virginia Mortgage Brokers.

Mortgage Lender Bond

West Virginia mortgage lenders are required to obtain a Mortgage Lender Bond with a bond amount ranging from $100,000 to $250,000 as part of their licensing process. TThe specific bond amount within this range is determined based on factors like the mortgage lender's loan volume and financial status. Required by The West Virginia Division of Financial Institutions. The NNA has secured a $6 premium per $1,000 liability for all West Virginia Mortgage Lenders.

Wisconsin

Mortgage Broker Bond

The Wisconsin Department of Financial Institutions (DFI) requires mortgage brokers to maintain a $120,000 Mortgage Broker Bond as part of their licensing process. The bond's purpose is to protect consumers and provide a financial guarantee in the event a person or entity is financially harmed by the licensee's actions. The NNA has secured a $720 flat rate for all Wisconsin Mortgage Brokers.

Mortgage Banker Bond

The Wisconsin Department of Financial Institutions (DFI) requires mortgage bankers to obtain a $300,000 Mortgage Banker Bond as part of their licensing process. The bond aims to protect consumers and ensure mortgage bankers are financially liable for any financial harm caused to individuals or entities. The NNA has secured a $1,800 flat rate for all Wisconsin Mortgage Bankers.

Wyoming

Mortgage Lenders and Brokers Bond

The Wyoming Division of Banking requires mortgage brokers and lenders to maintain a surety bond in the amount of $25,000. This bond is an integral part of the licensing process and is intended to provide a financial guarantee for any customers harmed by the actions of the licensee. The NNA has secured $150 flat rate for all Wyoming Mortgage Brokers.