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How Much Does a Kentucky Mortgage Broker, Company or Originator License Bond Cost?
The cost of a mortgage broker license in Kentucky is between $500 and $5,000. For a mortgage company, the bond cost ranges from $2,500 to $25,000. The cost of a loan originator bond is between $150 and $2,000.
The cost of your Kentucky surety bond is based on the bond amount required. For a mortgage broker, the bond must be $50,000. For a mortgage company, the required bond amount is $25,000. A loan originator in Kentucky needs a bond up to $20,000.
However, you do not need to cover the full bond amount. Instead, your bond is available through a Kentucky surety company at a premium. When buying your bond from our trusted surety company, you will pay a premium of only 1% to 10% of the bond amount.
The premium rate is based on the applicant’s professional resume, finances and personal credit score. We are proud to provide bonds to over 99% of our customers.
An applicant with a 700 credit score or higher qualifies for a 1% to 3% premium rate. With a 600 to 699 credit score, the rate ranges from 3% to 5%. The premium rate for a 599 or lower credit score falls between 5% and 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 |
|
Kentucky Mortgage Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Kentucky Mortgage Company Bond |
$250,000 |
$2,500 - $7,500 |
$7,500 - $12,500 |
$12,500 - $25,000 |
|
Kentucky Loan Originator Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
|
Kentucky Loan Originator Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
How to Get a Kentucky Mortgage License Bond
1. Apply for Your Bond Online
To set up your new Kentucky surety bond, start the process by completing the online application. The application requires only a few minutes of your time. Our bond experts are ready to answer your questions and assist you as needed.
When Jill recently contacted us, she needed a bond for a mortgage broker license. She had a few questions that we quickly answered for her. After applying, she got an instant bond quote. With our online payment portal, Jill set up her bond quickly and completed the state’s licensing application.
2. Review Your Bond Quote
Once you complete your surety bond application, we will provide you with an instant quote. If an application is complex and requires more attention, a quote is available within 48 hours.
3. Make Your Premium Payment
Our bond experts are available to answer your questions about the bond quote. When you are ready to secure your bond, pay the premium conveniently online. You will quickly see your new bond in your email inbox. The bond can also be mailed, if requested.
We are committed to supporting you with your surety bond purchase. If you need assistance or have questions, please contact us or call us at (877) 514-5146.
Mortgage Broker, Company or Originator Bond Requirements in Kentucky
The Kentucky Department of Financial Institutions is the authority for licensing mortgage brokers, companies and originators. Both types of licenses are processed by the National Multistate Licensing System, or NMLS. Bond requirements are established by Kentucky Revised Statutes (KRS) 286.8.
The requirement for a mortgage broker license bond is $50,000. This applies to those who receive or expect to receive compensation for serving as an agent in a residential real estate mortgage.
The bond requirement for a mortgage company license is $250,000. This applies to those who make, buy, sell or service residential real estate mortgages. The NMLS requires an electronic surety bond for mortgage brokers and mortgage companies.
The penal sum requirement for the loan originator bond form varies based on loan volume. The requirement is a $15,000 bond for loan volume less than $10 million and $20,000 for higher loan volume. This applies to those who work for a mortgage entity and originate, process or service residential mortgages.
These surety bonds run continuously. To cancel the bond, a written notice must be provided to the Department of Financial Institutions 30 days prior to the cancellation date. To maintain the bond and avoid cancellation, the bond’s premium must be paid annually. Our bond experts will contact you with instructions prior to the premium due date each year.
Learn more about how to get a mortgage broker license, mortgage company license or a loan originator license in Kentucky. You can also reach out to the Kentucky Department of Financial Institutions at (502) 573-3390 for 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!
