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North Dakota Mortgage Broker Bond
To be a mortgage broker in the state of North Dakota, you are required to carry a North Dakota Mortgage Broker Bond in the amount of $25,000 - $100,000.
A North Dakota Mortgage Broker Bond guarantees that the mortgage broker will comply with all rules and regulations set forth by the state. In order to stay in compliance with the state, you must renew your bond on an annual basis. Rates for a North Dakota Mortgage Broker bond vary and are competitive.
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PROGRAM
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RATES/BOND AMOUNTS
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REQUIREMENTS
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I
Spousal Indemnity Waived
No Collateral Required
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*
$370.00 /
$25,000
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$370.00 /
$30,000
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*
$370.00 /
$40,000
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*
$464.00 /
$50,000
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*
$926.00 /
$100,000
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Minimum Equifax score of 700 for anyone who owns more than 10% of the business
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5 years of related experience
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Real estate ownership
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Minimum DNB of 70
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Minimum adjusted corporate net worth of $500,000
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No liens or judgments
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II
No Collateral Required
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$250.00 /
$25,000
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$300.00 /
$30,000
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$400.00 /
$40,000
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$500.00 /
$50,000
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$1000.00 /
$100,000
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Minimum Equifax score of 699 for anyone who owns more than 20% of the business
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3 years of related experience
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Real estate ownership
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No judgments, liens, bankruptcies, bond claims or declines from other sureties
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Financial statements must exhibit evidence of positive working capital equal to bond amount
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III
Spousal Indemnity Waived
No Collateral Required
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$500.00 /
$25,000
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$600.00 /
$30,000
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$800.00 /
$40,000
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$1000.00 /
$50,000
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$2000.00 /
$100,000
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Minimum Equifax score of 500 for anyone who owns more than 10% of the business
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3 years of related experience
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Real estate ownership
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Late payments are acceptable
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Closed bankruptcies, liens or judgments within the last 10 years are acceptable
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No unpaid child support, unpaid claims, or government investigations
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IV
Spousal Indemnity Waived
No Collateral Required
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$1250.00 /
$25,000
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$1500.00 /
$30,000
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$2000.00 /
$40,000
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$2500.00 /
$50,000
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$5000.00 /
$100,000
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Minimum Equifax score of 500 for anyone who owns more than 10% of the business
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3 years of related experience
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Real estate ownership
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Late payments are acceptable
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Closed bankruptcies, liens or judgments within the last 10 years are acceptable
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No unpaid child support, unpaid claims, or government investigations
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If you do not see a program/plan that fits your needs, we have others available.
Call to learn more.
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