Rhode Island Mortgage Loan Brokers are required to obtain a Rhode Island Mortgage Loan Broker or Mortgage Lender Bond for licensure.
Applicants must complete the application through the National Mortgage Licensing System (NMLS) and pay the applicable fees.
Application requirements include: passing a criminal background check, a business plan, provide copies of financial documents, obtain a surety bond, and any additional documents that are applicable.
Mortgage Lender applicants must show proof of a minimum net worth of $100,000 and have a manager in the main and if applicable, each branch office that has at least 5 years experience in the mortgage or loan industry.
Mortgage Broker applicants must show proof of a minimum net worth of $10,000 and have a manager in the main and if applicable, each branch office that has at least 5 years experience in the mortgage or loan industry.
Mortgage Lenders are required to obtain a $50,000 surety bond, with an additional $5,000 bond for each branch location.
Mortgage Brokers are required to obtain a $20,000 surety bond, with an additional $5,000 bond for each branch location.
Premium for a Rhode Island Mortgage Broker or Lender bond is dependent on credit and the number of branch locations.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday