Florida Finance and Mortgage Broker Bonds

Florida mortgage broker bonds are required for mortgage professionals to operate in the state. Learn more about these bonds and find the best rates online.
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Florida Finance and Mortgage Broker Bonds

Insurance Regulation Of Florida Premium Finance Company Bond

Insurance Regulation Of Florida Premium Finance Company Bond

The Florida Premium Finance Company Bond starts at $350 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
FL
Bond Terms
Insurance Regulation Of Florida
Bond Premium
Bond Amount:
$35,000
Bond Duration
Bond Term:
12 months
Months
State of Florida Money Services Business Bond

State of Florida Money Services Business Bond

The Florida Money Services Business Bond starts at $500 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
FL
Bond Terms
State of Florida
Bond Premium
Bond Amount:
$50,000-$250,000
Bond Duration
Bond Term:
12 months
Months
State of Florida Mortgage Broker/Lender Bond

State of Florida Mortgage Broker/Lender Bond

The Florida Mortgage Broker/Lender Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
FL
Bond Terms
State of Florida
Bond Premium
Bond Amount:
$10,000
Bond Duration
Bond Term:
12 months
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 Florida finance & mortgage broker bonds?

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

  • Finance professionals such as mortgage brokers and finance lenders
  • A government agency like the Florida Office of Financial Regulation
  • A surety company

The bonds provide a guarantee that licensed finance professionals conduct business in compliance with the regulations set forth in the Florida Statutes.

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 Florida finance & mortgage broker bonds cost?

The required bond amount for finance bonds in the State of Florida varies depending on the license type:

  • Mortgage broker surety bond: $10,000
  • Money services business surety bond: $50,000 and upwards
  • Premium finance company surety bond: $35,000

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 Florida finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount. EZSurety has issued mortgage lender bonds in Florida for premiums as low as $100.

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 Florida 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 Florida?

To become a mortgage broker in Florida you must meet the following licensing requirements:

  1. Complete the criminal background check
  2. Submit your personal financial statements
  3. Provide a copy of your credit report
  4. Submit your application through the Nationwide Multistate Licensing System & Registry (NMLS)
  5. Post the $10,000 surety bond
  6. Pay the $425 application fee, $100 processing fee, $38.75 background check fee

For information on obtaining other finance licenses in Florida, check out 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.

Surety Bonds Online