If you are in the business of making residential loans either through brokering, lending, servicing, selling, or buying then under the Ohio Residential Mortgage Lending Act Certificate of Registration, you are required by the Ohio Department of Commerce Division of Financial Institutions, to obtain an Ohio Residential Mortgage Lending Act Declaration of Surety Bond as a condition of licensure. The surety bond is a guarantee of the mortgage lending act duties and responsibilities ensures that all mortgage brokers and lenders and will comply with state laws and provide mortgage business services in an honest and ethical manner.
The premium for an Ohio Residential Mortgage Lending Act Certification of Registration Surety Bond is based on credit and the bond amount required. Premiums start at .75% of the bond amount with good credit. Surety bond amounts over $50,000 will require business and personal financial statements for underwriting purposes. Our Surety Bond Specialists can provide you with a free quote that fits your specific situation.
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