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Rhode Island Mortgage Loan Broker & Lender Surety Bonds

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Rhode Island Mortgage Loan Brokers are required to obtain a Rhode Island Mortgage Loan Broker or Mortgage Loan Lender Bond for licensure. The surety bond ensures compliance of laws and ethical performance of duties.

Surety Bond and License Requirements:

  1. Applicants must complete the application through the National Mortgage Licensing System (NMLS) and pay the applicable fees.
  2. 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.
  3. Mortgage Loan Lender applicants must show proof of a minimum net worth of $100,000, have a manager in the main branch, and if applicable, each branch manager should have at least five years experience in the mortgage or loan industry.
  4. Mortgage Loan Broker applicants must show proof of a minimum net worth of $10,000, have a manager in the main branch, and if applicable, each branch manager should have at least five years experience in the mortgage or loan industry.
  5. Mortgage Loan Lenders are required to obtain a $50,000 surety bond, with an additional $5,000 surety bond for each branch location.
  6. Mortgage Loan Brokers are required to obtain a $20,000 surety bond, with an additional $5,000 surety bond for each branch location.

How Much Will This Bond Cost?

The premium that you pay for a Rhode Island Mortgage Loan Broker or Mortgage Loan Lender License Surety Bond is dependent on credit and the number of branch locations. Our Surety Bond Specialists can provide you with a free quote that fits your specific situation.

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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