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What Is an Ohio Mortgage Broker Bond?
Mortgage brokers in Ohio, just like in most states, have to obtain a state license. A major requirement in this process is to post a mortgage broker bond.
The Ohio surety bond you provide serves as an additional guarantee for your legal compliance as a broker. If a party suffers damages due to illegal actions on your part, you may end up with a bond claim. That’s how they can seek a fair compensation.
The bond you post to get your Ohio mortgage broker license is a contract between three entities. Your mortgage brokering business is the principal that needs the bond. The Ohio of Department of Commerce is the obligee that requires the bond. The third party is the surety, which provides the bond.
What are the factors that shape your surety bond cost? Your surety has to assess the strength of your personal and business finances. It examines your personal credit score, business financials, and assets and liquidity. In this way, it is able to judge the level of bonding risk. The more stable your profile is, the less you’re likely to pay to get bonded.
Surety bond name | Surety bond amount | Above 700 | Between 650-699 | Between 600-649 | Below 599 |
---|---|---|---|---|---|
Ohio mortgage broker bond | $50,000 to $150,000 | $375-$750 to $1,125-$2,250 | $500-$1,250 to $1,500-$3,750 | $1,250-$2,500 to $3,750-$7,500 | $2,500-$5,000 to $7,500-$15,000 |
Questions about Surety Bonds in Ohio
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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!