Nebraska Mortgage Broker Bonds

Obtaining a $100,000 surety bond is one of the indispensable requirements for getting your Nebraska mortgage broker license, also known as a mortgage banker license. The bond guarantees that you will follow the state Residential Mortgage Licensing Act and all other applicable laws.

You have to apply through the Nationwide Multistate Licensing System & Registry (NMLS), but the requirements are set by the state body, the Nebraska Department of Banking and Finance.

Nebraska mortgage brokers need to post a $100,000 bond. You have to pay a small percentage of it, called the bond premium. It is based on the strength of your personal and business finances.

What factors affect your surety bond cost? The most important ones include your personal credit score, company finances, and any fixed and liquid assets. Your surety examines these indicators to assess how risky it is to get you bonded. The stronger your overall profile is, the lower the cost would be.

Lance Surety Bonds has designed its Bad Credit Surety Bonds program for applicants facing low credit scores, tax liens, bankruptcies, and civil judgments. This option is for you in case you're struggling with such financial problems.

Since the bonding risk is higher, the rates are between 5% to 10%. As we collaborate with numerous A-rated, T-listed surety companies, we are still able to find the most appropriate bond option for your particular circumstances.

You can start by filling out our online application form (it takes 5min). Once we have your full application and documents, we can issue an exact quote. Then you can buy the bond online and receive it in a digital and paper version.

We have prepared an in-depth guide on the bonding process. You can consult it on our How to Get Bonded page.

If you have further questions or need help with your application, you can reach us at (877) 514-5146.

You can receive a claim against your mortgage broker bond if you transgress from the legal obligations that you have as a licensee. In such situations, a harmed party can demand fair reimbursement. The maximum penalty is the bond amount you have posted, which is $100,000 in this case.

For proven claims, your surety will pay the due damages to the claimant. Then you have to fully reimburse it, since this is set in the bond indemnity agreement. Thus, it is best to avoid claims, as they can cause serious financial problems for your business.