Oklahoma Residential Mortgage Lender Surety Bond
The Oklahoma Department of Consumer Credit (DOCC) oversees the mortgage industry and licensing of residential mortgage lenders. Mortgage lenders that take applications for residential mortgage loans are required to obtain a bond in the amount of $100,000 to ensure that the business complies with state regulations.
Surety Bond and License Requirements:
- Mortgage lender applicants must complete an application in the National Mortgage Licensing System (NMLS) and pay the license, credit report, criminal background check, and processing fees.
- Applicants must be able to pass a criminal background and credit check and provide an explanation for any disclosure questions answered "yes."
- Provide formation documentation if the business is a partnership, corporation or limited liability company.
- Provide a business plan, management chart, and organizational chart.
- Obtain a $100,000 surety bond. After purchasing the bond, it will need to be uploaded as an attachment to the application.
- Provide sample copies of forms and agreements to be used by the business. This includes: ARM Disclosure, TIL, application forms, HUD-1 Settlements, etc.
- The business must maintain a minimum net worth of $25,000. The applicant will need to submit financial statements prepared by a certified public accountant with in 15 months of the date of application.
How Much Does This Bond Cost?
The premium that you pay for a Oklahoma Mortgage Lender Surety Bond is dependent on credit and business and/or personal financials. Premiums start at .75% of the bond amount with good credit. Our Surety Bond Specialists are ready to provide you with a free quote that fits your specific bonding needs.
Related Links:Oklahoma Mortgage Lender InformationOklahoma NMLS Mortgage Lender License
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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