Delaware Mortgage Broker Bond

The Delaware Office of the State Bank Commissioner requires all mortgage brokers to post a $25,000 surety bond. As for other mortgage professionals, the licensing is conducted via the Nationwide Multistate Licensing System & Registry (NMLS). The bond serves as a guarantee for your compliance with the Delaware S.A.F.E. Mortgage Licensing Act of 2009, and any other applicable laws.

In order to obtain a Delaware mortgage broker license, you have to post a bond amount of $25,000. However, you will only have to pay a small percentage of it, which is called the bond premium. The typical rates for applicants with stable finances are between 1% and 5%.

What indicators are considered when determining your surety bond cost? The most important ones include your credit score, business finances, and any assets and liquidity. On the basis of these factors, your surety assesses the bonding risk that you pose. The lower it is, the smaller your bond premium is likely to be.

It is possible to get bonded even if you are struggling with bad credit. Lance Surety Bond operates its Bad Credit Surety Bonds program for applicants with financial issues such as low credit scores, tax liens, bankruptcies, and civil judgements.

Since the bonding risk is higher, you can expect the rates to be in the 5%-10% range. However, due to our partnerships with a number of A-rated, T-listed surety companies, we can offer you a top bonding option regardless of your credit.

In order to obtain your Delaware mortgage broker bond, you will need to follow the following steps:

1. Complete our online application form (it takes 5min)

2. We will contact you with a free, no-obligation quote

3. If you are satisfied with your quote, you can purchase your bond online

4. Afterwards, you will receive a digital, as well as a hard copy of your bond

Would you like to learn more about how bonding works? Make sure to consult our How to Get Bonded page for further information.

If you have any questions or need assistance with your bond application, you can contact us at (877) 514-5146 to speak to our bonding experts.

The goal of your mortgage broker bond is to protect the rights of your customers. If you don't follow your legal obligations under Delaware law, you can face a claim against your bond. This is how your clients can demand reimbursement for any damages.

Initially, your surety may pay the claim on proven cases. Afterwards, as per the bond indemnity agreement, you will be liable to reimburse all costs. Thus, it's best to stay away from situations that can give rise to claims, which can be costly and harmful to your business.