Puerto Rico Mortgage Broker Surety Bonds
Puerto Rico Mortgage Brokers are required by the Commissioner of Financial Institutions to apply for a license through the National Mortgage Licensing System (NMLS) and to obtain a Puerto Rico Mortgage Broker Surety Bond.
Surety Bond Requirements
Obtain a minimum surety bond of $50,000 up to a maximum of $100,000 not including surety bonds for additional office locations;
Surety Bond for at least $5,000.00 for each additional office location;
Each branch location under the license must be separately authorized and requires a MU3 form through the NMLS. Licensing requirements include:
- An on-site manager is required to be appointed for all locations;
- Liquid assets of at least $10,000;
- Liquid assets of at least $5,000 for each additional office;
- Disclosure questions, with details for every 'yes' answer;
- List other trade names or DBA;
- Secretary of State documentation:
- Certificate of Authority or Certificate of Good Standing
- If applicant was organized or formed outside of Puerto Rico, applicant must submit proof of authorization to do business from the Puerto Rico Secretary of State.
Each control person must provide:
- Criminal background check
- Credit check
- Licensing fees: $1,600 - includes investigation fee and MNLS processing fee. Fees for licenses issued after June 30 are $1,100. Fees for a branch location are $1,520 including investigation fee and NMLS processing fee. Fees for branch licenses issued after June 30 is $1,020. Fees are not refundable.
How Much Will This Bond Cost?
The premium that you pay for a Puerto Rico Mortgage Broker Surety Bond is dependent on credit. Premiums start as low as .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
Puerto Rico mortgage brokers may not use more than one trade name or DVA for each license.
NMLS: Puerto Rico Mortgage Broker New Application Checklist
Puerto Rico Mortgage Lender/Servicer Bond
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