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Is a Mortgage Broker in Ohio Required to Have a Bond for Licensure?

A

If you are in the business of making residential loans either through servicing, selling, or buying then under the Ohio Mortgage Broker Act Certificate of Registration, you are required to obtain an Ohio Mortgage Broker Act Surety Declaration of Surety Bond as a condition of licensure.

Applicants applying for licensure must complete an application through the National Mortgage Licensing System (NMLS).

The following is required for licensure:

Payment of NMLS processing fee and the criminal background check fee.

Applicants must pass a criminal background check.

Additionally, a mortgage broker must have a physical business location in Ohio and must show proof either of a deed, lease, or sublease and include a photograph of the business.

Obtain a surety bond: a minimum bond in the amount of $50,000 and a maximum of $150,000 based on the volume of loans written. Each additional branch location requires a $10,000 bond.

Complete and upload an Interest in Appraisal Companies written statement, an Operating Agreement, Flow of Funds Structure and if applicable, any Disclosure Explanations.

Provide a copy of recent (less than 90 days) financial statements which includes a Balance Sheet, Income Statement, Statement of Cash Flows and any notes. If the applicant is a new business, provide a Statement of Condition.

Email the Ohio Attestation form to webdfi-cf@com.state.oh.us and on the subject line note: OMBA Ohio Attestation.

How Much Will This Bond Cost?

The premium for an Ohio Mortgage Broker Act Certification of Registration Bond is based on credit and the bond amount required. Bond amounts over $50,000 will require business and personal financials for underwriting.

Have Questions?

Contact our Surety Bond Specialists at:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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