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How Much Does a Nebraska Mortgage Banker Bond Cost?
The cost of a Nebraska mortgage banker bond is between $1,000 and $10,000. This cost is based on the required bond amount of $100,000. However, when you buy your bond from an authorized Nebraska surety company, you can pay a premium rate rather than the full bond amount.
The premium rate for a mortgage banker bond in Nebraska ranges from 1% for well-qualified applicants up to 10%. The rate is based on credit scores, professional experience and financial assets.
A premium rate of 1% to 3% of the required bond amount is reserved for those who have a 700 credit score or better. A rate of 3% to 5% is available for those who have a 600 to 699 credit score. Applicants with lower credit scores will receive a premium rate of 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 |
|
Nebraska Mortgage Banker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Nebraska Mortgage Banker Bond |
$125,000 |
$1,250 - $3,750 |
$3,750 - $6,250 |
$6,250 - $12,500 |
|
Nebraska Mortgage Banker Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Nebraska Mortgage Banker Bond |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
How to Get a Nebraska Mortgage Banker Bond
1.Submit Your Application
You can set up your mortgage banker bond in a few easy steps. The process starts when you complete the brief online application. We have proudly provided more than 99% of our bond applicants with excellent quotes. Numerous bond programs are available to suit most credit scores.
When Shane reached out to us recently about getting a mortgage banker bond, he wasn’t sure if he could afford the purchase. It only took him a few minutes to apply online and review the competitive bond premium that he qualified for. Today, Shane is actively growing a Lincoln mortgage business.
2. Review Your Bond Quote
Most bond applicants receive a free, no-obligation premium quote from us instantly after submitting the application form. For more challenging situations, we will provide a quote in 48 hours.
We strive to maintain a stress-free bond setup experience. Our friendly experts are available to answer your questions and assist with concerns.
3. Make Your Bond Premium Payment
The last step is to pay your new bond’s premium. You can conveniently make the payment online. We will then email your bond to you without delay. Your bond can also be mailed to you upon request.
If you have questions about the mortgage banker bond requirement or have challenges making your purchase, we are ready to help. Contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote on your surety bond!
Mortgage Banker Bond Requirements in Nebraska
The Nebraska Department of Banking and Finance maintains license and bond requirements for mortgage bankers. However, new license applications and renewal applications are processed by the National Multistate Licensing System, or NMLS.
The Nebraska Residential Mortgage Licensing Act, Section 45-705 requires companies that directly or indirectly participate in mortgage activities for compensation to be licensed.
These activities include originating, modifying, arranging, selling and acquiring loans. First and second liens, short sales, HELOCs and others are included.
The surety bond requirement varies based on the volume of annual residential mortgage loans. It starts at $100,000 for loans not exceeding $5 million annually and increases up to $200,000 for loans exceeding $25 million annually.
The NMLS only accepts electronic surety bonds. These must be submitted through the NMLS portal. The bond must remain active to avoid a mortgage banker license suspension. We will contact you when the annual renewal period is approaching.
The NMLS accepts electronic surety bonds. For questions about a Nebraska mortgage banker license, contact the Nebraska Department of Banking and Finance at (402) 471-2171.
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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!
