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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 Rhode Island General Laws.
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 Rhode Island Department of Business Regulation requires mortgage loan brokers to post a $20,000 surety bond as part of the licensing process.
The required bond costs for other finance bonds in Rhode Island 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 Rhode Island 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 Rhode Island finance bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
To become a licensed mortgage loan broker in Rhode Island, you must meet the following licensing requirements:
For information on obtaining other finance licenses in the State of Rhode Island, 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.
