The District Of Columbia Check Casher Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The District Of Columbia Retail Seller & Sales Finance Company Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The District Of Columbia Student Loan Servicer Bond starts at $500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
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!
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 D.C. Official Code and D.C. Municipal Regulations
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.
The Department of Insurance, Securities and Banking requires mortgage brokers to post a surety bond as part of the licensing process. The required bond amount varies depending on the broker's aggregate mortgage loan volume the previous year:
The bond requirements for other finance bonds in the District of Columbia are as follows:
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 District of Columbia finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount. EZSurety has issued mortgage lender bonds in the District of Columbia for premiums as low as $188.
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 District of Columbia mortgage broker bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
To become a licensed mortgage broker in the District of Columbia, you must meet the following licensing requirements:
For information on obtaining other finance licenses in the District of Columbia, you can visit the NMLS Resource Center.
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.