Oregon Mortgage Lender Surety Bond
Mortgage Lenders, Mortgage Brokers and Mortgage Bankers that are in the mortgage lending business are required by the Oregon Department of Financial Regulation to obtain a license and a surety bond. The surety bond guarantees compliance of laws and ethical and faithful performance of duties.
Surety bonds for Oregon mortgage lenders must be purchased by a surety company that is licensed to do business in Oregon. SuretyGroup.com is licensed in all 50 states and fulfills this requirement.
Surety Bond and License Requirements:
- Applicants are required to complete the online application through the National Mortgage Licensing System (NMLS) and pay the license fees.
- Applicants are also required to submit a business plan, management chart, organizational chart, financial statement, and other applicable documents.
- Oregon Mortgage Lenders, Bankers and Brokers are required to obtain a surety bond as a condition of licensure. Surety bond amounts range from $50,000 to $200,000. The surety bond will be uploaded by the issuing surety into the NMLS ESB system. New licensees are required to hold a $50,000 surety bond. Each license renewal bond amount is based on the previous year's mortgage loan volume:
- $50,000 Surety Bond: persons who have not previously conducted business involving the origination of residential mortgage loans in Oregon
- $50,000 Surety Bond: persons making or negotiating less than $10 million in residential mortgage loans in Oregon
- $75,000 Surety Bond: persons making or negotiating $10 million or more but less than $25 million in residential mortgage loans in Oregon
- $100,000 Surety Bond: persons making or negotiating $25 million or more but less than $50 million in residential mortgage loans in Oregon
- $150,000 Surety Bond: persons making or negotiating $50 million or more but less than $100 million in residential mortgage loans in Oregon
- $200,000 Surety Bond: persons making or negotiating $100 million or more in residential mortgage loans in Oregon
How Much Will This Bond Cost?
The premium that you pay for an Oregon Mortgage Lender Surety Bond is dependent on credit and the bond amount required. Premiums start at .75% of the bond amount with good credit. Surety bonds over $50,000 will also require personal and/or business financial statements. Our Surety Bond Specialists can provide you with a free quote based on your specific needs.
Related Links: Oregon NMLS Mortgage Lender License Information
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