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Do Rhode Island Mortgage Loan Brokers and Lenders Need a Bond for Licensure?

A

Rhode Island Mortgage Loan Brokers are required to obtain a Rhode Island Mortgage Loan Broker or Mortgage Loan 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 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.

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.

Mortgage Loan Lenders are required to obtain a $50,000 surety bond, with an additional $5,000 surety bond for each branch location.

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.

Have Questions?

Contact our Surety Bond Specialists at:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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