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How Much Does a North Dakota Residential Mortgage Lender and Loan Servicer Bond Cost?
In North Dakota, the cost of a residential mortgage lender bond is between $500 and $5,000. The bond amount required is $50,000. A mortgage loan service may be required to have a bond amount up to $1 million. The cost of this bond is between $10,000 and $100,000.
Through a surety company, you can purchase your bond at a premium rate rather than covering the full amount out of pocket. As an authorized North Dakota surety company, we have been serving the state’s bond needs for more than 10 years.
Bond rates between 1% and 10% are available. To determine your bond rate, your professional credentials, financial assets and credit scores are reviewed. Over 99% of our bond applicants qualify for a surety bond through our company.
If an applicant’s credit score is at least 700, the premium will be from 1% to 3%. If the credit score is in the range of 600 to 699, the rate will be from 3% to 5%. For a lower credit score, a rate of 5% to 10% applies.
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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 |
|
North Dakota Residential Mortgage Lender Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
North Dakota Residential Mortgage Loan Servicer Bond |
$1,000,000 |
$10,000 - $30,000 |
$30,000 - $50,000 |
$50,000 - $100,000 |
How to Get a North Dakota Residential Mortgage Lender and Loan Servicer Bond
1. Apply for Your New Surety Bond Online
Regardless of the type of North Dakota surety bond you need, you can take advantage of our quick, simplified bond application process. In fact, you can fill out the brief online application in a couple of minutes.
Sierra contacted us recently to purchase a mortgage lender bond for her new business in Bismarck. Within minutes, her bond application was complete, and she had a quote to review. Not long after she paid the premium online, Sierra had the bond required to apply for a state license.
2. Review Your Bond Quote
We respond to bond applications from our valued North Dakota customers with instant bond quotes. However, a more complicated application requires additional review. A quote is available in these situations within 48 hours.
3. Pay Your Bond Premium Online
To complete your bond purchase, simply make your premium payment online. After receiving your payment, we will quickly process your North Dakota mortgage lender or servicer bond and send it to you via email. A mailed copy of your bond is also available upon request.
Our bond experts hold high standards for customer satisfaction, and we are happy to assist you with your purchase. For personalized assistance with your application or bond quote, please contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote on your surety bind!
North Dakota Residential Mortgage Lender and Loan Servicer Bond Requirements in North Dakota
The North Dakota Department of Financial Institutions ensures compliance with the state’s residential mortgage lender and servicer licensing requirements. These are established under North Dakota Code Chapter 13-12 and 13-13.
A residential mortgage lender is required to have a $50,000 surety bond. A mortgage loan servicer must meet the state’s tangible net worth requirement or purchase a surety bond up to $1 million.
Applications for a mortgage lender or servicer license are processed by the NMLS, or the Nationwide Multistate Licensing System. The NMLS only accepts electronic surety bonds submitted through its website.
To comply with licensing laws, the required bond must remain valid. Failure to comply with this requirement may result in a license suspension.
To avoid the cancellation of your bond, the premium must be paid annually. We will remind you of this obligation with renewal instructions prior to each due date.
Through our guide and the support of our bond experts, you can learn more about how to get a mortgage broker license. For additional information, contact the North Dakota Department of Financial Institutions at (701) 328-9933.
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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!
