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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 Utah Code
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 Utah Department of Financial Institutions classifies all mortgage brokers and mortgage lenders as mortgage loan originators. Mortgage loan originators are required to post a surety bond with a minimum bond amount of $12,500 as part of the licensing process. The bond requirements for other finance bonds in Utah 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 Utah 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 Utah mortgage broker bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
To become a licensed mortgage loan originator in Utah, you must meet the following licensing requirements:
For information on obtaining other finance licenses in Utah, 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.
