Texas Finance and Mortgage Broker Bonds

Texas finance and mortgage broker bonds are required for mortgage professionals to operate in the state. Learn more about these bonds.
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Texas Finance and Mortgage Broker Bonds

State of Texas Escrow Officers Schedule Bond

State of Texas Escrow Officers Schedule Bond

The Texas Escrow Officers Schedule Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
TX
Bond Terms
State of Texas
Bond Premium
Bond Amount:
$5,000-$50,000
Bond Duration
Bond Term:
12 months
Months
State of Texas Residential Mortgage Loan Servicer Bond

State of Texas Residential Mortgage Loan Servicer Bond

The Texas Residential Mortgage Loan Servicer Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
TX
Bond Terms
State of Texas
Bond Premium
Bond Amount:
$25,000-$50,000
Bond Duration
Bond Term:
Expires 12/31 every year
Months
United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond

United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond

The United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
US
Bond Terms
United States Trustee
Bond Premium
Bond Amount:
$1-$100,000
Bond Duration
Bond Term:
12 months
Months

What are Texas finance & mortgage broker bonds?

Finance and mortgage broker bonds are legally binding agreements between three parties:

The bonds provide a guarantee that licensed finance professionals conduct business in compliance with the regulations set forth in the Texas Mortgage Broker License Act

If the finance professional fails to comply with the regulations, the surety company will pay out financial losses to damaged parties up to the full bond amount. The finance professional is liable to reimburse the surety for any damages paid under the bond.

How much do Texas finance & mortgage broker bonds cost?

The Texas Department of Savings and Mortgage Lending requires mortgage brokers to post a $50,000 surety bond if they do not meet the $25,000 net assets requirement. The bond requirements for other finance bonds in Texas are as follows:

  • Texas Residential Mortgage Loan Servicer Bond: $25,000 or $50,000 depending on loan volume
  • Texas Financial Services Company Bond: $1 million

The surety company issuing the bond determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for Texas finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount.

During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a Texas mortgage broker bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.

How to get your mortgage broker license in Texas?

To become a licensed mortgage broker in Texas, you must meet the following licensing requirements:

  1. Complete the criminal background check
  2. Submit your personal financial statements
  3. Provide credit reports for all control persons
  4. Submit your application through the Nationwide Multistate Licensing System & Registry (NMLS)
  5. Post the appropriate surety bond
  6. Pay all licensing fees

For information on obtaining other finance licenses in Texas, you can visit the NMLS Resource Center.

How to Know if You Need a Surety Bond

You’ll know if you need a surety bond because some entity will have required you to obtain one. They must also inform you of which specific bond type you’ll need. There are thousands of bonds across the country, all of which vary by state and industry.

Visit EZSuretyBonds.com to browse hundreds of bonds by state, type, or industry.

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