In most states, Mortgage Brokers, Lenders, Servicers, Loan Originators, Mortgage Companies and more are required to secure a surety bond to guarantee that they will comply with the rules and regulations set forth by a states license statutes. A Mortgage Broker Bond will also protect consumers against misleading and fraudulent lending practices. SuretyGroup.com offers bonds at excellent rates with simplified underwriting.
How Do I Apply for a Mortgage Broker, Lender, Servicer Surety Bond In My State?
1) The first step in applying for a bond is understanding the licensing requirements of the state in which you will operate. Click on the state below to learn more about that state's requirements.
- Most states require continuing education and charge a licensing fee.
- Most states require a surety bond to be posted in order to qualify for a license.
- Additionally, states require the surety posting the bond to be licensed in that specific state (the Surety Group is licensed in all 50 states).
2) Once you understand the requirements, then you will need to complete an application for a mortgage broker bond. Below, click "Apply Now" that corresponds to the state in which you operate.
3) Once your application has been approved, you will need to pay the premium that is determined by underwriting. Upon receipt of payment, you will then be issued a bond. The bond will either need to be sent to the National Mortgage Licensing System (NMLS), or the surety will directly upload it into the NMLS portal (states that are applicable) or the bond may need to be sent directly to your state government office. Each state specifies the means of delivery as how they want the bond to be received.
Should you have any questions, please call our surety bond professionals today at:
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