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.
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.
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.
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