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How Much Does a Delaware Mortgage Loan Broker, Originator & Licensed Lender Bond Cost?
The cost of a Delaware mortgage broker bond ranges from $250 to $2,500. A Delaware originator or licensed lender bond costs between $500 and $20,000. The mortgage loan broker bond requirement is $25,000. The mortgage loan originator or licensed lender bond amount varies by loan volume from $50,000 to $200,000.
While the bond is a requirement to be licensed in Delaware, you do not need to pay the full amount of the bond. Through an authorized Delaware surety company, you can buy the bond for a premium rate.
The bond rate will be from 1% to 10% based on several qualifying factors. These are your related professional experience, your financial strength and your credit rating.
The bond premium will be 1% to 3% of the required bond amount with a 700 credit score or higher. The premium is 3% to 5% for a score between 600 and 699. For a 599 credit score or below, the rate is 5% to 10% of the bond amount.
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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 |
|
Delaware Mortgage Loan Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Delaware Licensed Lender Bond (loan volume less than $23 million) |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Delaware Licensed Lender Bond (loan volume of $23,000,001 to $35 million) |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Delaware Licensed Lender Bond (loan volume of $35,000,001 to $47 million) |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Delaware Licensed Lender Bond (loan volume of $47,000,001 to $59 million) |
$125,000 |
$1,250 - $3,750 |
$3,750 - $6,250 |
$6,250 - $12,500 |
|
Delaware Licensed Lender Bond (loan volume of $59,000,001 to $71 million |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Delaware Licensed Lender Bond (loan volume of $71,000,001 to $83 million) |
$175,000 |
$1,750 - $5,250 |
$5,250 - $8,750 |
$8,750 - $17,500 |
|
Delaware Licensed Lender Bond (loan volume more than $83,000 million) |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume not more than $11 million) |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume between $11,00,001 and $23 million) |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume between $23,000,001 and $35 million) |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume between $35,000,001 and $47 million |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume between $47,000,001 and $59 million |
$125,000 |
$1,250 - $3,750 |
$3,750 - $6,250 |
$6,250 - $12,500 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume between $59,000,001 and $71 million) |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume between $71,000,001 and $83 million) |
$175,000 |
$1,750 - $5,250 |
$5,250 - $8,750 |
$8,750 - $17,500 |
|
Delaware Mortgage Loan Originator Bond (annual loan volume $83,000,001 and over million) |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
How to Get a Delaware Mortgage Broker, Originator & Licensed Lender Bond
1. Apply for Your Bond Online
When you buy your Delaware mortgage broker, originator or licensed lender bond through our surety company, you can enjoy a simplified process. To get started, spend a couple of minutes filling out the online application. More than 99% of our applicants qualify for the surety bond they need.
Sandra recently contacted us to get a bond for her new business. While she had a lower credit score, Sandra bought the bond quickly. After applying online, she immediately got a quote and paid the premium online. Then, she got her bond via email and finalized her broker license application.
2. Review Your Bond Quote
Our customers never wait long to get a bond quote. In fact, most applicants benefit from an immediate quote. Applicants with a more complex situation will receive a free quote within 48 hours.
We want you to have a hassle-free experience setting up your new bond with us. Our team has a decade of experience, and we are available to assist you as needed.
3. Make Your Premium Payment
The only step remaining is to buy your bond. To do so, simply pay the premium through our online portal. We will then email the bond directly to you. We can also mail the bond, if requested.
If you run into a challenge or have questions when buying your bond, we can help. Contact us or call us at (877) 514-5146.
Mortgage Broker, Originator & Licensed Lender Bond Requirements in Delaware
The authority for mortgage broker, originator and lender licensing is the Delaware Office of the State Bank Commissioner. However, licensing applications are reviewed by the National Multistate Licensing System, or NMLS.
The Delaware Code Title 5 includes licensing requirements for mortgage brokers, originators and licensed lenders. It defines a mortgage broker as one who accepts, offers or negotiates residential mortgage applications for or in anticipation of receiving compensation. The bond amount is $25,000.
A loan originator is defined as a professional who accepts or expects compensation for taking a residential mortgage application. An originator may also offer or negotiate residential mortgage loan terms. The bond amount varies by loan volume and ranges between $50,000 and $200,000.
A lender must be licensed to make lending transactions in Delaware. This applies only to those who make more than five loans in a 12-month period. The bond amount varies by loan volume and ranges between $50,000 and $200,000.
The mortgage broker bond, loan originator bond and licensed lender bond run continuously until canceled. The premium payment, however, is due annually. The bonds list the obligee as the State of Delaware, Office of the State Bank Commissioner.
If you have questions about how to get a mortgage broker license, our bond experts are available to help. You can also learn more by contacting the Office of the State Bank Commissioner at (302) 739-4235.
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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!
