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How Much Does a Maryland Mortgage Lender License Bond Cost?
The cost of a mortgage lender license bond in Maryland is $500 to $15,000, and a blanket bond is available from $7,500 to $75,000. This is based on the required bond amount of $50,000 for a single license or $750,000 for a blanket license.
We are a trusted Maryland surety company committed to helping you meet the bond requirement for your lender license. We offer bonds for all credit scores, with rates ranging from 1% to 10%. Applicants with a credit score of 700 or higher qualify for rates between 1% and 3%. Those with a credit score between 600 and 699 are eligible for rates of 3% to 5%, while rates for lower credit scores range from 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 |
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Maryland Mortgage Lender Licensee Surety Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Maryland Mortgage Lender Licensee Surety Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Maryland Mortgage Lender Licensee Surety Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Maryland Mortgage Lender Blanket Bond |
$750,000 |
$7,500 - $22,500 |
$22,500 - $37,500 |
$37,500 - $75,500 |
How to Get a Maryland Mortgage Lender License Bond
1. Apply for Your Bond Online
We bond more than 99% of our applicants through our quick and easy process. To get started, complete the online application. With over a decade of experience, our bond experts can answer any questions you have.
When our new customer, Rob, needed a lender license for his new business in Annapolis, he filled out the online application. Within a few minutes, he submitted the application and instantly got a quote. With online payments accepted and fast bond processing, Rob quickly had the bond he needed.
2. Review Your Bond Quote
After completing the short application, you can expect a fast response from us. In fact, most of our customers get an instant quote for their Maryland surety bond. However, we need up to 48 hours to review complex applications and provide a quote.
3. Make Your Premium Payment
Paying your mortgage lender bond premium is just as easy as getting a quote. Through our online payment portal, you can finalize your purchase quickly. Your bond will then be processed and emailed directly to you. If you need a mailed copy of the bond, please let us know.
If you run into a challenge or have questions, our team is eager to help. Please contact us or call us at (877) 514-5146.
Mortgage Lender License Bond Requirements in Maryland
The Maryland Department of Labor Office of Financial Regulation is the authority for mortgage lender licensing. Requirements are established under Maryland Statute Financial Institutions Title 11 - Consumer Credit Subtitle 5, section 11-508. A mortgage lender is a business that functions as a mortgage broker, handles mortgage servicing, or originates mortgage loans.
The required bond amount of mortgage lenders in Maryland depends on loan volume. The requirement ranges from $50,000 to $150,000.
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Maryland Mortgage Lender Licensee Surety Bond |
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Loan Volume |
Surety Bond Amount |
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Under $3 million |
$50,000 |
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$3 million to $10 million |
$100,000 |
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$3 million to $10 million |
$150,000 |
If an applicant submits five or more original or renewal applications simultaneously, they may provide a blanket surety bond of $750,000 to cover all licensed offices.
Mortgage lender license applications are processed by the National Multistate Licensing System, or NMLS. The NMLS only accepts electronic surety bonds.
Our bond experts are available to answer your questions about Maryland mortgage lender license and bond requirements. For additional information, you can also contact the Office of Financial Regulation at (410) 230-6100.
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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!
