If you are a Residential Mortgage Broker in New Jersey, you are required to apply for a license through the National Mortgage Licensing System (NMLS) and to file a New Jersey Residential Mortgage Broker Bond in the amount of $150,000 as a condition of licensure.
The application process is as follows:
Complete the application and pay the NMLS and FBI Criminal Background Check fees.
Provide financial statements that include: a Balance Sheet, Income Statement, and a Statement of Cash Flows (and any relevant notes). A minimum net worth of $50,000 be maintained.
Provide a copy of the Certificate of Authority or Good Standing Certificate issued from the New Jersey Division of Revenue.
If applicable, provide formation documents, other trade name (dba) registration, an explanation for any questions answered yes in the disclosure statements,
Obtain a $150,000 surety bond. The name of the principal on the bond must match the applicant name on the application.
Provide a Certification of Office Suitablility.
Applicants must be able to pass a criminal background check.
The premium that you pay for a New Jersey Residential Mortgage Broker Bond is dependent on credit and buisness and personal financials.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday