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How Much Does an Oklahoma Mortgage Lender Bond Cost?
The cost of a mortgage lender license bond in Oklahoma is between $1,000 and $10,000. The state requires a lender license bond in the amount of $100,000 to obtain and maintain the required license.
Rather than paying the full bond amount, your lender license is available at a premium price from an Oklahoma surety company. We are a surety company authorized to do business in this state, and we have been serving our customers’ bond needs for over a decade.
Bonds are available at a premium rate of 1% to 10%. Your professional credentials, credit rating and financial strength are reviewed to determine the rate you qualify for.
To qualify for a premium rate of 1% to 3%, a 700 credit score or better is necessary. For a rate of 3% to 5%, a 600 to 699 score is needed. We consider all credit scores and bond over 99% of applicants. With a score of 599 or lower, the premium rate is 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 |
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Oklahoma Mortgage Lender Bond |
$100,000 |
$10,00 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
How to Get an Oklahoma Mortgage Lender License Bond
1. Apply for Your Bond Online
Setting up your mortgage lender license bond is easy to do with our streamlined process. To begin, spend a couple of minutes completing the online application.
Alan planned to open a new business in Tulsa and needed to set up a bond to complete the lender license process. With our online application, he applied quickly and got an instant bond quote. Soon after paying the premium online, he got the bond he needed to finish the lender license application.
2. Review Your Bond Quote
We deliver instant bond quotes to our customers. For more complex situations we will provide you with a quote within 48 hours. Our team is available to go over your quote with you and answer questions.
3. Make Your Premium Payment
The last step in our easy bonding process is paying the premium. With our online payment system, you can conveniently make the payment when you are ready. We will quickly send your bond to you via email, and we can also mail it upon request.
Our friendly bond experts take pride in providing excellent service to our Oklahoma customers. If you need assistance or have questions, please contact us or call us at (877) 514-5146.
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Mortgage Lender Bond Requirements in Oklahoma
The Oklahoma Department of Consumer Credit is the obligee for mortgage lender bonds, with licensing requirements detailed in the Mortgage Lending Act 59 O.S. 2095. The required bond amount is $100,000 ensuring compliance with state regulations..
Lender license applications are processed by the National Multistate Licensing System, or NMLS. An electronic surety bond is acceptable.
This is a continuous bond and remains in effect until it is terminated by the surety company. The surety company must notify the Department of Consumer Credit in writing at least 30 days prior to the termination date.
The surety may cancel the bond if the premium is not paid annually. To assist you with maintaining your bond, we will reach out to you annually prior to the premium due date with payment instructions.
Our bond experts are available to help you learn more about Oklahoma mortgage license requirements. You can also contact the Oklahoma Department of Consumer Credit – Licensing Department for more information at (405) 521-8140.
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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!
