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How Much Does an Arkansas Mortgage Broker, Banker or Servicer Bond Cost?
An Arkansas mortgage broker bond costs between $1,000 and $20,000. The cost is based on the Arkansas surety bond requirement of $100,000 to $200,000, based on the prior year’s loan activity. This bond is also required for mortgage bankers and servicers.
However, you do not need to pay the full mortgage broker bond. Instead, you may purchase a bond from an Arkansas surety bond company and pay a premium.
The premium rate is 1% to 10% of the bond amount. The specific rate is determined by your liquid and fixed assets, professional experience and credit score.
Applicants who have a 700 credit score or better qualify for a rate between 1% and 3%. Those who have a 600 to 699 score may receive a premium rate of 3% to 5%. Credit scores of 599 or lower qualify for a 5% to 10% bond premium rate.
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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 |
|
Arkansas Mortgage Broker, Banker or Servicer Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Arkansas Mortgage Broker, Banker or Servicer Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Arkansas Mortgage Broker, Banker or Servicer Bond |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
How to Get an Arkansas Arkansas Mortgage Broker, Banker or Servicer Bond
1. Submit Your Application
To apply for your Arkansas mortgage broker, banker, or servicer bond, also known as the Arkansas mortgage broker bond, fill out our online application. This step typically takes only a few minutes for our applicants. We offer competitive rates across several bond programs, accommodating applicants with a wide range of credit scores.
Recently, Carter requested a mortgage broker bond quote from us to complete his license application. After he submitted the surety bond application online, we gave him an instant quote. He made the premium payment online and got the bond he needed to submit his mortgage broker license application.
2. Get a Bond Quote
Our surety bond company provides instant, no-obligation quotes to most applicants. For complex situations, we provide quotes within 48 hours. More than 99% of bond applicants qualify through our surety company.
We have more than 10 years of experience providing mortgage broker bonds. With our quick process, we make it easy to buy the necessary bond for an Arkansas mortgage broker license.
3. Buy Your Bond
Our surety bond experts are happy to answer your questions about your quote. When you are ready to buy your mortgage broker bond, simply pay the premium online. Your bond will quickly be emailed to you. If requested, we can mail the bond as well.
After buying your bond, you can finalize your Arkansas mortgage broker license application. 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.
Mortgage Broker Bond Requirements in Arkansas
To obtain a mortgage broker license in Arkansas, submit proof of a surety bond to the NMLS. The bond requirement is also enforced for mortgage bankers and servicers in Arkansas. It is established by the Fair Mortgage Lending Act, Ark. Code Ann. §§ 23-39- 501 through 23-29-518.
A mortgage broker license is required for someone who directly or indirectly accepts, solicits or negotiates a mortgage loan application. A mortgage banker license is required for making mortgages for compensation. A servicer license is needed to credit or fund mortgage payments, taxes and insurance.
The Arkansas Securities Department maintains the licensing requirements. However, applications and renewals are processed by the NMLS, or National Multistate Licensing Service.
This continuous bond remains active until it is canceled. The principal, surety company or state can cancel the bond with a 60-day written notice. You must maintain a bond for the life of your license. As the bond’s expiration date approaches, we will contact you about renewing it.
For questions about how to get a mortgage broker license, contact the Securities Department at (800) 981-4429.
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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!
