Minimum Mortgage Lender Bond Requirement in California
Mortgage Lenders and servicers in the state of California have a minimum surety bond amount of $50,000, while a minimum bond amount of $25,000 is in place for finance lenders and brokers. Also, based on the amount of loans originated, the state may increase the bond amount accordingly.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.