Home Maryland Bonds Maryland Affiliated Insurance Producer and Mortgage Loan Originator Bond
Maryland Affiliated Insurance Producer Mortgage Loan Originator Surety Bond
The State of Maryland, Department of Labor, Office of the Commissioner of Financial Regulation, through the National Mortgage Licensing System (NMLS), is tasked with the licensing of mortgage lenders, mortgage brokers, mortgage servicers and affiliated insurance producer mortgage loan originators. The Code of Maryland Regulation Citation 09.03.06.09, defines the licensing of affiliated insurance producer- mortgage loan originators.
Surety Bond and License Requirements:
- Complete the required education and pass the examination.
- Complete the affliated insurance producer/mortgge loan originator application found on the NMLS system and pay the applicable credit report fee, filing fee, license fee, and Criminal Background Check fee.
- Complete the authorization of a FBI criminal background check and a credit report check. If any negative criminal history is found in the background check, provide a document of explanation.
- If applicant answers Yes to any of the Disclosure Questions, provide complete details and any applicable documents.
- Complete the affidavit of previous Maryland mortgage loan originator history.
- Provide a Good Standing Certificate or a Certificate of Authority issued by the Maryland.
- Provide a sponsorship certificate signed by a person in control of the employing entity.
- Obtain a surety bond in an amount based on the volume of loans for the past 12 months:
|Volume of Loans in the Past 12 Months||Minimum Surety Bond Amount|
|Under $3,000,000||$50,000 |
|$3,000,000 - $10,000,000||$100,000 |
|Over $10,000,000||$150,000 |
To determine the bond amount, complete a Volume of Mortgage Business statement that declares the volume of mortgage business for the previous 12 months. If the applicant has not conducted any mortgage business in the past 36 months, note this on the statement.
- A blanket surety bond is available for multiple business locations. The required bond amount for a blanket bond is $1,000,000 and must be held by the financial institution or mortgage lender licensee.
How Much Will This Bond Cost?
The premium that you pay for a Maryland Affiliated Insurance Producer - Mortgage Loan Originator Surety Bond is dependent on credit and the bond amount required. For bond amounts over $50,000, personal and business financial statements will be required.
Did You Know?
The State of Maryland requires mortgage loan originator licenses must be renewed by December 31 of each year.
Related Links:Maryland License Application InformationNMLS - Federal Registry Resource NMLS - Maryland Affiliated Insurance Producer - Mortgage Loan Originator
More Surety Bond Questions?
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