Ohio Mortgage Broker Bond

An Ohio Residential Mortgage Lending Act bond costs between $500 and $15,000. The actual cost of your bond is based on several factors, including the applicant’s credit scores, experience and assets. 

An Ohio Residential Mortgage Lending Act bond of between $50,000 and $150,000 is required when applying for a mortgage broker license. More specifically, the bond amount equals 0.5% of the origination volume for the last calendar year. The bond increases by $10,000 for each additional branch. 

However, applicants are not required to pay the full bond amount when applying for a license. Instead, they pay a premium for the bond to a surety company. This premium ranges between 1% and 3% based on the applicant’s credit rating.

1. Apply For Your Bond

Applying for an Ohio Residential Mortgage Lending Act bond is easy to do. Spend a couple of minutes filling out the online application. Because we offer an excellent range of bond programs, we’re able to bond more than 99% of applicants. Bonds are available for applicants with most credit scores.

Liam was preparing to open a mortgage brokerage business and needed an Ohio surety bond to meet the state's licensing requirements. It only took him a few minutes to apply online for the bond and get a quote. After paying the mortgage broker bond premium, Liam had the required bond and could complete the licensing steps.

2. Get a Quote

After submitting your mortgage broker bond application, you’ll receive an instant, free and no-obligation quote. We have competitive bond rates and an easy application process. If you have questions about your bond, we are always happy to help.

3. Purchase Your Bond

The final step is to pay your premium and purchase your Ohio Residential Mortgage Lending Act bond. You can make the payment conveniently online, and the bond will immediately be available to print. We can also mail a copy of the bond to you at your request.

Provide the bond to the Ohio Department of Commerce’s Division of Financial Institutions along with your other required license application documents.

When applying for an Ohio mortgage broker license, you must post a surety bond to the Ohio Department of Commerce’s Division of Financial Institutions. The bond must be issued by an authorized surety bond company in Ohio. The bond is payable to the Superintendent of Financial Institutions.

In addition, the mortgage broker bond must remain in effect throughout the broker registration period. The surety bond form should be submitted to the Department of Commerce’s Division of Financial Institutions along with other required license application documentation.

The mortgage broker should have adequate bonding for each branch location. The bond should be renewed annually for as long as the mortgage broker is licensed. A lapse in this requirement may impact the validity of the mortgage broker license.  

The broker should adhere to the Ohio Department of Commerce’s Division of Financial Institutions’ rules and regulations as well as the provisions established in the Mortgage Broker Act. Documentation can be submitted to:

Ohio Department of Commerce
77 S. High Street, 23rd Floor
Columbus, OH 43215