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Utah Residential Mortgage Loan Originator Surety Bonds

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Residential Mortgage Loan Originators in Utah whom are individuals or independent originators that receive payment or are compensated for taking residential mortgage loan applications or negotiates a residential mortgage loan are required to have a license and obtain a surety bond. The surety bond ensures compliance of state laws and ethical business practices.

Surety Bond and License Requirements:

  1. Applicants can apply for a license through the National Mortgage Licensing System (NMLS).
  2. Complete the pre-licensure education and pass the SAFE test.
  3. Complete the application and pay the NMLS processing fee, the license/registration fee, credit report fee and FBI criminal background check fee.
  4. If any responses to the disclosure statements were answered “yes,” provide an explanation and back-up documentation for each.
  5. Obtain a surety bond based on the dollar amount of loans originated:
  • Up to $5 million = $12,500 Surety Bond
  • $5 million to $15 million = $25,000 Surety Bond
  • Over $15 million = $50,000 Surety Bond

    • Optional Surety Bonds:

    Business entities are not required to have a surety bond but they may elect to provide a surety bond on behalf of the Mortgage Loan Originators working exclusively for the business.

    The bond amount is based on the dollar amount of loans originated within the business:

    Up to $10 million = $25,000 Surety Bond

    $10 million to $30 million = $50,000 Surety Bond

    Over $30 million = $100,000 Surety Bond

    The original surety bond must be mailed directly (not through NMLS) to the Utah Department of Financial Institutions. P.O. Box 146800, Salt Lake City, UT 84114-6800.

    How Much Will a Utah Loan Originator Bond Cost?

    The premium that you pay for a Utah Mortgage Loan Originator Surety Bond is dependent on credit and the bond amount required. Entities that opt to obtain a bond may be required to provide personal and business financial statements due to the higher bond amounts recommended. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

    Related Links:

    Utah Mortgage Loan Originator Information
    Utah NMLS Mortgage Loan Originator License

    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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