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How Much Does an Alabama Mortgage Broker Bond Cost?
The cost of a mortgage broker bond in Alabama ranges between $250 and $7,500. The required bond amount depends on loan volumes and ranges between $25,000 and $75,000.
Rather than pay the full bond amount for your broker or consumer credit license, you can purchase your bond through an Alabama surety bond company. The bond premium rate ranges from 1% to 10%. The rate is determined by the applicant’s credit scores, business experience, and both fixed and liquid assets.
Applicants with credit scores above 700 qualify for a mortgage broker bond premium rate from 1% to 3%. Applicants with credit scores between 600 and 699 qualify for premiums from 3% to 5%. Premiums of 5% to 10% are available for applicants with a 599 credit score or below.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Alabama Mortgage Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Alabama Mortgage Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Alabama Mortgage Broker Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
How to Get an Alabama Mortgage Broker Bond
1. Apply For Your Bond
It only takes a few minutes to apply for a mortgage broker bond in Alabama. Fill out the online application for a surety bond to receive a quote. Because numerous programs are available, we provide competitive rates to our customers based on their qualifying factors.
When Serena contacted us recently about a broker bond in Alabama, she was not sure she could qualify with a 595 credit score. After applying online, she received a bond quote quickly. Serena paid her premium online and received her bond via email. Now, she runs a mortgage broker company in Auburn.
2. Get Your Bond Quote
With our streamlined application and more than 10 years of experience, we simplify the process of getting an Alabama broker or consumer credit bond. After submitting your online application, you’ll receive a free, no-obligation quote.
More than 99% of our applicants qualify for a broker or consumer credit license bond through our surety company. Often, applicants receive an instant quote from us. If your situation is more complex, we will be in touch within 48 hours with a quote.
3. Purchase Your Bond
After reviewing your bond quote, the final step is to purchase your bond. For your convenience, premiums can be paid online. We will then email the bond to you, or we can mail it if requested.
With a bond in place, you can complete your application for a mortgage broker license in Alabama. If you have any questions or encounter any difficulties, our surety bonds experts are here to help you – contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote on your surety bond!
Mortgage Broker Bond Requirements in Alabama
Mortgage brokers and mortgage lenders are required to be licensed and bonded in Alabama. The bond requirement ranges from $25,000 to $75,000, depending on the loan volumes over the last 12 months.
The broker license is required by Alabama Mortgage Brokers Licensing Act, Consumer Credit Act, and Safe Mortgage Licensing Act.
The Alabama State Banking Department maintains the licensing requirements. However, the NMLS, or National Multistate Licensing Service, processes license applications and renewals.
The NMLS accepts electronic surety bonds to meet Alabama’s bond requirement. The obligee for the broker and consumer credit license bond form is the State of Alabama. You must maintain a bond for the life of your license. As the bond expiration date nears, we will contact you about renewing it.
For questions about how to get a broker and consumer credit bond in Alabama, contact the State Banking Department.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
