What is a Mortgage Broker Bond?Mortgage Brokers are real estate financing experts that help people find and negotiate financing terms for their specific mortgage. In addition to being licensed, mortgage brokers must also post a surety bond to ensure compliance with state regulations governing this line of business. These bonds are required by states to protect consumers that are in the process of obtaining mortgages. Our agency has a variety of programs designed to get all types of Mortgage Brokers approved at excellent rates.
Also known as Loan Broker Bonds, Mortgage Loan Originator, and Residential Mortgage Originator Bond.
Questions about Mortgage Broker Bonds
How do I become a Mortgage Broker?
Mortgage Broker licensing requirements differ by state. However, the general criteria to become a licensed broker is similar throughout the nation. For most states, prelicensing requirements consist of completing an approved mortgage broker course that covers issues such as state laws and ethical responsibility. Upon completion of the course, brokers will need to submit the state’s license application, along with a licensing fee. Additionally most state’s also require a surety bond to filed with the license.
How much does a Mortgage Broker Bond cost?
Annual premium amounts are determined based on owner personal credit. Brokers with stellar credit may be eligible for standard market rates, which range from 1% to 3% of the total bond amount. If the owner has a low credit score, or derogatory items on their credit report, annual premium typically ranges between 5% to 10% of the bond amount. In most states, we can approve higher risk applicants at no higher than 7.5%.
If I have bad credit, can I get a Mortgage Broker Bond?
Yes. While many sureties only offer quotes to customers with stellar credit, Lance Surety has a variety of Mortgage Broker Bond programs that allows us to approve over 99% of applicants instantly through our online application. Your annual premium will depend on your individual credit profile, but we’re able to offer very aggressive rates to mortgage brokers.
What can I do to lower my rate?
While our agency offers instant quotes based on owner personal credit, it is possible to lower the cost of your Mortgage Broker Bond by providing additional information. For example, if you have strong liquid assets and can provide cash verification, that could be used to strengthen your application. Strong business and personal financial statements can also be considered in determining your rate.
Do I need a physical office in a state to become licensed and bonded?
Not necessarily. This depends on what state you are trying to become licensed in. In the past, this was a standard state requirement, but as more business is being conducted over the internet, many states’ mortgage licensing laws are becoming more lenient. As each state’s laws differ, you’ll want to check specific state requirements to make sure you meet their criteria.
Will one Mortgage Broker Bond cover multiple states?
No. You'll need to post a separate mortgage broker bond for each state that you plan on conducting business in. These are state requirements, so be sure to check with each state for their specific license and bond requirements to ensure compliance.
Find Your Surety Bond
|Alabama||SAFE Mortgage Act Bond||State of Alabama, State Banking Dept||Apply Now|
|Alaska||Mortgage Broker Regulation Act||Dept of Commerce, Community and Economic Developme||Apply Now|
|Alaska||Mortgage Licensee||Dept of Commerce, Community and Economic Developme||Apply Now|
|Arizona||Mortgage Surety Bond||Dept of Financial Institutions||Apply Now|
|Arkansas||Mortgage Broker or Mortgage Servicer Bond||Securities Dept||Apply Now|
|California||Mortgage Broker||Commissioner of Corporations, Dept of Corporations||Apply Now|
|Colorado||Mortgage Loan Originator (Individual)||Division of Real Estate||Apply Now|
|Colorado||Mortgage Loan Originator||Division of Real Estate||Apply Now|
|Colorado||Mortgage Broker (1st & 2nd Mortgages)||Division Of Real Estate||Apply Now|
|Connecticut||Mortgagee Licensee||Commissioner of Banking||Apply Now|
|Delaware||Mortgage Loan Broker||Office of the State Bank Commissioner||Apply Now|
|District of Columbia||Mortgage Broker Surety Bond||Dept of Insurance, Securities and Banking, Banking||Apply Now|
|Georgia||Mortgage Broker||Dept of Banking and Finance||Apply Now|
|Idaho||Surety Bond For Mortgage Broker||Dept of Finance, Consumer Finance Bureau||Apply Now|
|Illinois||Loan Broker's||Secretary of State, Securities Dept||Apply Now|
|Illinois||Residential Mortgage License||Dept of Financial and Professional Regulation, Div||Apply Now|
|Indiana||Loan Broker||Securities Commissioner||Apply Now|
|Iowa||Mortgage Surety||Superintendent of Banking, Dept of Commerce||Apply Now|
|Iowa||Mortgage Broker||Superintendent of Banking, Dept of Commerce||Apply Now|
|Iowa||REGULATED LOAN LICENSE (IOWA)||Superintendent of Banking||Apply Now|
|Kansas||Supervised Lender or Mortgage Company||Office of the State Bank Commissioner||Apply Now|
|Kentucky||Mortgage Loan Broker||Executive Director, Office of Financial Institutio||Apply Now|
|Louisiana||Residential Mortgage Originator||Office of Financial Institutions||Apply Now|
|Louisiana||Residential Mortgage Originator||Office of Financial Institute||Apply Now|
|Maine||Loan Broker||Office of Consumer Credit Regulation||Apply Now|
|Maryland||Mortgage Broker||Financial Reglation Commissioner, Maryland Dept of||Apply Now|
|Massachusetts||Mortgage Broker Bond||Division of Banks||Apply Now|
|Massachusetts||Uniform Surety||Investment Adviser Licensing Section||Apply Now|
|Massachusetts||Mortgage Loan Originator Bond||Division of Banks||Apply Now|
|Michigan||Mortgage Lender||OFIR||Apply Now|
|Michigan||First Mortgage Broker, Lender, and/or Servicer Bon||Office of Financial and Insurance Services||Apply Now|
|Michigan||Mortgage Loan Originator - Individual||Office of Financial and Insurance Regulation||Apply Now|
|Michigan||Mortgage Loan Originator - Company||OFIR Consumer Finance Section||Apply Now|
|Michigan||SECOND Mortgage Broker, Lender, and/or Servicer||Commissioner, Office of Financial & insruance||Apply Now|
|Michigan||Second Mortgage Broker, Lender, and/or Servicer||Office of Financial and Insurance Regulation||Apply Now|
|Minnesota||Residential Mortgage Originator||Dept of Commerce||Apply Now|
|Minnesota||Residential Mortgage Servicer||Dept of Commerce, Division of Financial Examinatio||Apply Now|
|Mississippi||Mortgage Consumer Protection Law Bond||Dept of Banking and Consumer Finance||Apply Now|
|Mississippi||S.A.F.E. Mortgage Act||Mississippi Dept of Banking & Consumer Finance||Apply Now|
|Missouri||Residential Mortgage Brokers (In Lieu of Audit)||Commissioner of Finance||Apply Now|
|Missouri||Residential Mortgage Loan Broker Bond||Commissoner of Finance||Apply Now|
|Montana||Mortgage Broker Licensee Bond||Division of Banking and Financial Institutions||Apply Now|
|Nebraska||Mortgage Originator||Director, Dept of Banking and Finance||Apply Now|
|Nevada||Mortgage Broker||Division of Mortgage Lending||Apply Now|
|New Hampshire||Mortgage Broker||Bank Commissoner, Banking Dept||Apply Now|
|New Jersey||Residential Mortgage Broker||Commissioner of Banking and Insurance||Apply Now|
|New Mexico||Mortgage Loan Company||Director,Financial Institutions Division, Regulati||Apply Now|
|New York||Originating Entity||Superintendent of Banks||Apply Now|
|New York||Registered Mortgage Brokers||Superintendent of Banks||Apply Now|
|New York||FHA Mortgage Loan Correspondent||Superintendent of Banks||Apply Now|
|New York||Mortgage Loan Originator (Individual)||New York Banking Department||Apply Now|
|North Carolina||Mortgage Broker Surety||Commissioner of Banks||Apply Now|
|North Carolina||Reverse Mortgage Bond||Commissioner of Banks||Apply Now|
|North Carolina||Mortgage Broker Bond||North Carolina Commissioner of Banks||Apply Now|
|North Dakota||Surety Bond for Money Brokers||Dept of Financial Institutions, Consumer Division||Apply Now|
|Ohio||Mortgage Broker Act||Superintendent of Financial Institutions||Apply Now|
|Oklahoma||Supervised Lender License||Administrator, Dept of Consumer Credit||Apply Now|
|Oregon||Mortgage Lender Surety||Dept of Consumer & Buisness Services, Division of||Apply Now|
|Pennsylvania||1st Mtg. Loan Correspondant||Bureau of Licensing, Compliance & Consumer Service||Apply Now|
|Pennsylvania||Mortgage Broker (3 page)||Bureau of Licensing, Compliance & Consumer Service||Apply Now|
|Pennsylvania||Mortgage Broker (8 page)||Bureau of Licensing, Compliance & Consumer Service||Apply Now|
|Pennsylvania||Mortgage Originator (Individual)||Bureau of Licensing, Compliance & Consumer Service||Apply Now|
|Pennsylvania||Sponsor of Mortgage Originators Bond||Department of Banking||Apply Now|
|Rhode Island||Loan Broker||Dept of Business Regulation, Division of Banking||Apply Now|
|South Carolina||Mortgage Broker Special Deposit||Dept of Consumer Affairs||Apply Now|
|South Dakota||Mortgage Company Bond||Division of Banking, State of South Dakota||Apply Now|
|Tennesee||Mortgage Broker, Lender or Servicer||Financial Institutions||Apply Now|
|Tennessee||Mortgage Broker, Lender or Servicer||Tennessee Department of Financial Institutions||Apply Now|
|Texas||Residential Mortgage Loan Servicer||Dept of Savings and Mortgage Lending||Apply Now|
|Vermont||Mortgage Broker||Commisioner of Banking, Insurance, Securities and||Apply Now|
|Virginia||Mortgage Broker||State Corporate Commision, Bureau of Financial Ins||Apply Now|
|Virginia||Mortgage Loan Originator Bond||State Corp Commission||Apply Now|
|Washington||Mortgage Broker Business||Dept of Financial Institutions||Apply Now|
|Washington||Mortgage Broker Business w/ Independent Contractor||Dept of Financial Institutions||Apply Now|
|Washington||Mortgage Broker Dealer||Washington State Securities Division||Apply Now|
|West Virginia||Mortgage Broker||Commissioner of Banking||Apply Now|
|Wisconsin||Mortgage Broker||Dept of Financial Institutions||Apply Now|
|Wyoming||Mortgage Lenders & Brokers||Commissioner of Banking, Dept of Audit||Apply Now|