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Ohio Mortgage Broker Surety Bond

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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 Declaration of Surety Bond as a condition of licensure. Applicants applying for licensure must complete an application through the National Mortgage Licensing System (NMLS).

Suety Bond and License Requirements:

  1. Payment of NMLS processing fee and the criminal background check fee.
  2. Applicants must pass a criminal background check.
  3. 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.
  4. 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 surety bond.
  5. Complete and upload an Interest in Appraisal Companies written statement, an Operating Agreement, Flow of Funds Structure and if applicable, any Disclosure Explanations.
  6. 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.
  7. 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 Surety Bond Cost?

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

More Surety Bond Questions?

Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. 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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