The Kentucky Mortgage Loan Broker Bond starts at $500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Mortgage Loan Company Bond starts at $2500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Mortgage Loan Originator Bond starts at $150 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Deferred Deposit Service / Check Casher Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Money Transmission Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Debt Adjuster Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Investment Adviser Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Kentucky Broker-Dealer Blue Sky Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
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!
Finance and mortgage loan 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 like those set forth in the Kentucky Revised Statutes (KRS) statute Chapter 286.
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 Kentucky Department of Financial Institutions requires all mortgage loan brokers to post a $50,000 surety bond.
Mortgage loan originators with an annual loan volume of less than $10 million are required to post a $15,000 surety bond. Loan originators with an annual loan volume of greater than $10 million must post a $20,000 surety bond.
Some of the other finance bonds required in Kentucky include:
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 Kentucky finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount. EZSurety has issued mortgage loan broker bonds in Kentucky for premiums as low as $250.
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 Kentucky 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 Kentucky, you must complete the following steps:
For information on obtaining other finance licenses in Kentucky, 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.
