Florida Finance and 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.

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.

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.