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How Much Does a Kansas Mortgage License Bond Cost?
In Kansas, the cost of a mortgage company license bond varies from $1,000 to $12,500, depending on whether the bond amount is $100,000 or $125,000, which is based on the company's loan volume. A supervised loan license bond ranges from $1,000 to $30,000, with bond amounts from $100,000 to $300,000 depending on the number of locations.
Your mortgage license bond is available through an authorized surety company at a premium price. Our reputable surety company has been serving Kansas for more than a decade. We provide bond rates between 1% and 10%.
Your bond cost is based on a combination of factors. These include your professional credentials, your liquid and fixed assets, and your credit scores. Most credit scores are accepted. In fact, more than 99% of our bond applicants qualify for the bond they need.
If you have a 700 or higher credit score, your premium rate will fall between 1% and 3%. With a 600 to 699 score, the rate will range between 3% and 5%. With a lower credit score, the premium rate is 5% to 10% of the required 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 |
|
Kansas Mortgage Company License Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Kansas Mortgage Company License Bond |
$125,000 |
$1,250 - $3,750 |
$3,750 - $6,250 |
$6,250 - $12,500 |
|
Kansas Supervised Loan License Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Kansas Supervised Loan License Bond |
$125,000 |
$1,250 - $3,750 |
$3,750 - $6,250 |
$6,250 - $12,500 |
|
Kansas Supervised Loan License Bond |
$300,000 |
$3,000 - $9,000 |
$9,000 - $15,000 |
$15,000 - $30,000 |
How to Get a Kansas Mortgage License Bond
1. Apply for Your Surety Bond Online
We make it easy to get the mortgage license bond you need to do business in Kansas. Our fast process starts when you complete our online application. For most applicants, this step can be completed within a couple of minutes.
Harrison recently applied for a mortgage company license bond with us. We gave him an instant quote and answered his questions. Soon after making the premium payment online, Harrison got the bond via email. He then finalized his license application and opened his new business in Topeka.
2. Review Your Bond Quote
Our surety bond customers benefit from a free, instant quote after submitting their applications. More complex bond applications require deeper review. In these situations, we provide no-obligation bond quotes within 48 hours.
3. Pay Your Bond Premium Online
The final step required is paying the premium for your mortgage license bond. After we receive the payment, we will quickly email your bond. Upon request, we can mail your bond to you as well.
Our bond experts are committed to providing you with a straightforward, fast process, and we are available to support you as needed. If you need assistance, please contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote on your surety bond!
Mortgage License Bond Requirements in Kansas
The Kansas Office of the State Bank Commissioner, Consumer and Mortgage Lending Division is the authority for mortgage company licensing. New and renewal applications are processed by the NMLS, or the Nationwide Multistate Licensing System.
The Kansas Mortgage Business Act 9-2201 defines a mortgage company as one that receives or expects compensation for placing, soliciting, servicing, originating, selling, negotiating, arranging or acquiring mortgage loans.
State requirements mandate a $100,000 bond for companies with originations under $50 million in the previous year, and a $125,000 bond for those exceeding $50 million. For a supervised loan license, each licensee or applicant must provide a $100,000 bond for the first business location, plus an additional $25,000 for each subsequent location, with a maximum total bond of $300,000.
The NMLS accepts electronic surety bonds. The bond’s premium must be paid annually. To assist you with the maintenance of your bond, we will be in touch annually with renewal payment instructions.
We are happy to answer your questions about how to get a mortgage broker license in Kansas. You can also learn more by contacting the Office of the State Bank Commissioner, Consumer and Mortgage Lending Division at (785) 380-3939.
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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!
