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How Much Does a Connecticut Mortgage Broker, Lender or Correspondent Lender Bond Cost?
The cost of a Connecticut mortgage broker bond is between $500 and $15,000. The cost of a lender or correspondent lender bond is between $1,000 and $50,000. The bond amount and cost vary by loan volume.
A mortgage broker bond is required to be between $50,000 and $150,000. A lender or correspondent lender bond must be between $100,000 and $500,000. You aren’t required to pay the full amount of the required bond, however. Your bond can be purchased from a surety company at a premium price.
The premium price is 1% to 10% of the bond amount. The exact rate and premium cost are based on your financial assets, your credit and your related business experience.
Applicants with at least a 700 credit score qualify for a premium rate of 1% to 3%. With a credit score of 600 to 699, the rate is between 3% and 5%. The premium rate for a 599 or lower score is 5% to 10%.
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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 |
|
Connecticut Mortgage Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Connecticut Mortgage Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Connecticut Mortgage Broker Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Connecticut Mortgage Lender and Correspondent Lender Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Connecticut Mortgage Lender and Correspondent Lender Bond |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
|
Connecticut Mortgage Lender and Correspondent Lender Bond |
$300,000 |
$3,000 - $9,000 |
$9,000 - $15,000 |
$15,000 - $30,000 |
|
Connecticut Mortgage Lender and Correspondent Lender Bond |
$500,000 |
$5,000 - $15,000 |
$15,000 - $25,000 |
$25,000 - $50,000 |
How to Get a Connecticut Mortgage Broker, Lender or Correspondent Lender Bond
1. Apply for Your Bond Online
Our authorized Connecticut surety company has been providing bonds for more than a decade with our straightforward process. Get started setting up your bond by completing our short online application. More than 99% of applicants qualify for the bond they need when they apply with us.
Roger contacted us initially when he needed a bond for his new mortgage broker business. Within minutes, he completed the online bond application and immediately got a quote. Soon after he made the premium payment through our online portal, his mortgage broker bond was delivered via email.
2. Review Your Bond Quote
We provide instant bond quotes to our valued clients. In some cases, however, more complicated applications require further review. In these instances, we provide quotes within 48 hours.
More than 99% of our customers qualify for the bond they need to do business in Connecticut. We are available to help you with your application and answer questions about your quote.
3. Make Your Premium Payment
When you are ready to finalize your bond purchase, you can take advantage of our online payment portal. Once we receive your payment, your bond will be sent to your email inbox. We are happy to mail the bond to you, if requested.
Our bond experts are proud to provide you with a streamlined process for getting the bond you need. If you need assistance, our bond experts are happy to help. Contact us or call us at (877) 514-5146.
Mortgage Broker, Lender or Correspondent Lender Requirements in Connecticut
The State of Connecticut Department of Banking is the authority for all consumer credit businesses, including mortgage brokers, lenders and correspondent lenders. New and renewal applications, however, are processed by the National Multistate Licensing System, or NMLS.
A mortgage broker is one who expects compensation for negotiating, offering or accepting residential mortgage applications. A lender is defined as one who makes mortgages under its own name. A correspondent lender makes loans in their own name while funding them through another source.
Connecticut mortgage brokers, lenders and correspondent lenders must have a surety bond to maintain their license. The mortgage broker bond amount is between $50,000 and $150,000. Lenders and correspondent lenders must have a bond between $100,000 and $500,000. The amount is based on loan volume.
Your surety bond’s premium must be paid annually. Our friendly bond team will contact you each year with renewal instructions. The NMLS requires electronic surety bonds to be submitted online.
Learn more about how to get a mortgage broker license in Connecticut. You can also reach the Department of Banking at (860) 240-8200 for more information.
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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!
