Mortgage And Finance Bonds

Search for your bond to get started!

What you need to know about Mortgage And Finance Bonds

Popular Mortgage And Finance Bonds

11th Judicial Circuit Court Process Server Bond

Florida
11th Judicial Circuit Court





Business Services Dishonesty Bond

Federal/countrywide Bonds
Variable obligee


Commonwealth of Kentucky Highway Use Tax Bond

Kentucky
Commonwealth of Kentucky


Federal Motor Carrier Safety Administration BMC-84 Freight Forwarder (ICC Broker) Bond

Federal/countrywide Bonds
Federal Motor Carrier Safety Administration


Georgia Lottery Corporation Lottery Bond

Georgia
Georgia Lottery Corporation








Maryland Home Improvement Commission Guaranty Fund Home Improvement Contractor Bond

Maryland
Maryland Home Improvement Commission Guaranty Fund


Nominal Bond

Maryland
Variable obligee


Snapping Shoals Electric Membership Corporation Utility Deposit Bond

Georgia
Snapping Shoals Electric Membership Corporation






























Personal Representative Bond

Maryland
State of Maryland





State of North Carolina Motor Vehicle Dealer Bond

North Carolina
State of North Carolina









Tennessee Education Lottery Corporation Lottery Retailer Bond

Tennessee
Tennessee Education Lottery Corporation


What is a mortgage broker bond?

Mortgage broker bonds are legally binding agreements between three parties: finance professionals (such as mortgage brokers or lenders), the government agency responsible for regulating mortgage loan activity in the local jurisdiction, and a surety company.

The government agency is the Obligee and establishes the obligations that the licensed mortgage broker (the Principal) must follow. The surety (also called bonding company) issues the bond guaranteeing the performance of the broker or lender.

Why do you need a mortgage broker bond?

Mortgage broker and finance bonds are required for eligibility to operate as a mortgage broker, mortgage lender, or mortgage loan originator. The Nationwide Multistate Licensing System (NMLS) handles the licensing requirements and bond filing in most states.

When the surety company issues the bond, they provide the government agency a guarantee that the customers of a licensed mortgage broker or finance lender will receive payment for financial losses resulting from a violation of the statutes and regulations set forth by the obligee.

If the mortgage professional fails to meet the obligations set out by the government agency, the surety will pay out damages up to the bond amount. The mortgage professional is liable for the losses and is legally required to reimburse the surety company for any damages paid under the bond.

How much does a mortgage broker bond cost?

Mortgage broker surety bond costs vary depending on the total bond amount and the premium rate. The regulating agency sets the required bond amount and the surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium.

Premium rates for mortgage broker bonds typically range between 0.75% and 5% of the total bond amount. During the application process, the surety company evaluates your credit score, 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 mortgage broker bond. EZSurety can still offer competitive rates to individuals with low credit scores or other financial issues.

Below are the lowest premiums EZ Surety has been able to issue for mortgage broker bonds in popular states.

  • EZ Surety has issued mortgage broker bonds in the State of Arizona for premiums as low as $100.
  • EZ Surety has issued mortgage broker bonds in the State of Michigan for premiums as low as $375.
  • EZ Surety has issued mortgage broker bonds in the State of Nevada for premiums as low as $375.