Ohio Mortgage Broker Surety Bond
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. The surety bond is a guarantee of the mortgage loan act under the certificate of registration and will comply with state laws and provide mortgage business services in an honest and ethical manner.
Surety Bond and License Requirements:
- Pay the criminal background check fee and NMLS processing fee.
- Applicants must pass a criminal background check.
- Mortgage brokers must have a physical business location in Ohio and will need to show proof either of a deed, lease, or sublease, including a photograph of the business.
- Complete the mortgage loan act certificate of registration application found on the NMLS website.
- Obtain a surety bond: a minimum bond in the amount of $50,000 and up to a maximum of $150,000 based on the volume of loans written.
Each additional branch location requires a $10,000 surety bond.
- The surety bond will need to be in effect for each license year and will need to be renewed annually.
- 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 firstname.lastname@example.org 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.
For a downloadable application