New Jersey Finance and Mortgage Broker Bonds

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Learn more about New Jersey Finance and Mortgage Broker Bonds

What are New Jersey finance & mortgage broker bonds?

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

The bonds provide a guarantee that finance professionals comply with license regulations like those set forth in the New Jersey Residential Mortgage Lending 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 New Jersey finance & mortgage broker bonds cost?

The New Jersey Department of Banking and Insurance requires residential mortgage brokers to post a $150,000 surety bond as part of the licensing process. The bond requirements for other finance bonds in New Jersey are as follows:

  • New Jersey Residential Mortgage Lender Bond: $150,000
  • New Jersey Mortgage Servicer Bond: $100,000

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 the New Jersey 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 New Jersey 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 New Jersey?

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

  1. Complete the criminal background check
  2. Submit your financial statements
  3. Submit your Certification of Office Suitability
  4. Submit your application through the Nationwide Multistate Licensing System & Registry (NMLS)
  5. Post the $150,000 surety bond
  6. Pay $1,300 in licensing fees and a $36.26 background check fee



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