Colorado Mortgage Broker Bond | Mortgage Loan Originator Bond

There is a quick way to estimate the cost of obtaining your surety bond. You need to know the required bond amount, i.e. the maximum compensation the bond can extend to claimants.

Bond applicants aren’t required to cover this whole amount, however. Instead, they pay yearly premiums, usually in the range of 1%-3% if they have good credit. The table below contains more information about expected premiums for these two types of bonds.

Different surety bonds companies can take different factors into account when determining your premium. While personal credit score is undoubtedly very important, additional information such as financial statements, proof of liquid assets, or years in business may influence your costs as well.
You can learn more on our surety bond cost page.

Yes, both mortgage loan originators and mortgage brokers can get bonded despite having bad credit. An applicant's credit score is taken as a measurement of their likelihood of triggering claims. This is why bad credit applicants pay higher premiums.

However, if you can demonstrate that your businesses is financially strong, this will signal the surety that you are capable of making good on potential claims. As part of your application you can include personal and business financial statements (and those of all owners) as well as proof of all kinds of liquid assets such as cash on hand. Furthermore, if you clear past-due items from your credit report, this can drive your costs further down.

Our applicants are there for you, should you need any assistance in building a good bond application.

We have made our online application very simple and user-friendly. All it takes is five minutes to complete and submit it. We’ll contact you shortly after with your personal free quote.

If you choose to proceed with your application, we’ll guide you through the whole process and make sure all your questions are answered. As an industry standard, you will be asked to sign an indemnity agreement with the bonding company.

For any questions regarding your application, feel free to contact us at (877)-514-5146.

We already outlined a few typical violations, which may lead to claims against mortgage broker and mortgage loan originator bonds in Colorado.

The industry is under increased scrutiny, and it’s important to know and understand your obligations thoroughly in order to reduce the likelihood of facing a claim. Claims on these bonds can be quite costly. Furthermore, brokers or loan originators with past claims may find it impossible to get bonded next time they apply.

If you receive notification of a valid claim, you need to make good on it within the given deadline. If you fail to do so, the surety is obliged to provide the compensation you owe, but the ultimate responsibility always lies with you.

To apply and get licensed as a mortgage loan originator, you will need to complete a number of steps. You must:

• Obtain an NMLS number
• Obtain errors and omissions insurance
• Submit fingerprints
• Take pre-licensing education
• Successfully pass the test
• Pay applicable fees

For the most complete and up-to-date information, make sure you contact the Department of Regulatory Agencies. The licensing requirements for mortgage brokers are very similar.