The State of Arkansas Securities Department administers through the National Mortgage Licensing System, the licensing of mortgage brokers, mortgage servicers and mortgage bankers. The Arkansas Rules of the Fair Mortgage Lending Act defines the requirements for a mortgage broker license, a mortgage banker license or mortgage servicer license. A mortgage banker or broker is required to have a license and a surety bond to provide mortgage services. The surety bond ensures compliance of state and federal laws and faithful performance of duties.
A $100,000 surety bond is required when applying for a license. The bond amount increases to $150,000 if the aggregate amount of loans originated or funded is secured by real property over $10,000,000 up to $25,000,000 during the prior calendar year. A $200,000 surety bond is required if the total loan amount loans that are secured by real property exceeds $25,000,000 during the prior calendar year. Surety bond amounts must be reviewed on an annual basis by March 31 of each year and surety bonds must be renewed annually. The name of the principal must match the full legal name of the applicant including anyTrade Name or DBA.
The premium that you pay for an Arkansas Mortgage Banker or Broker Surety Bond is based on credit and personal financial statements.
Arkansas does not require a brick and mortar building in the state. Get more Arkansas Mortgage FAQs here.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, call us first. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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