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How Much Does a Pennsylvania Mortgage Broker Bond Cost?
The cost of a mortgage broker bond in Pennsylvania is between $500 and $15,000. The cost of a mortgage lender and servicer is up to $50,000. These are based on required bond amounts from $50,000 to $500,000. A mortgage originator bond can cost up to $15,000.
The surety bond requirement can be satisfied by purchasing the bond from a Pennsylvania surety company. We are an authorized company that has been serving mortgage bond needs in the state for over a decade. Bond premium rates range from 1% to 10%.
Your credit rating, financial assets and professional credentials impact your specific premium rate. We consider most credit scores. In fact, we have bonded over 99% of our applicants.
An applicant qualifies for a 1% to 3% rate with a 700 credit score or better. The rate is 3% to 5% with a 600 to 699 credit score. A 599 or lower credit score qualifies for a 5% to 10% rate.
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Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Pennsylvania Mortgage Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Pennsylvania Mortgage Broker Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Pennsylvania Mortgage Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Pennsylvania Mortgage Broker Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Pennsylvania Mortgage Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
How to Get a Pennsylvania Mortgage Broker Bond
1. Apply for Your Bond Online
We make it easy to set up your new Pennsylvania surety bond. The fast, simple process begins when you fill out and submit the online application. Often, our applicants can complete this step in a few minutes. If you have questions about the application, our bond experts are happy to help.
Ryan recently contacted us to get a mortgage broker license. He anticipated a long process. However, with our online application, instant quote delivery and online payment portal, Ryan was thrilled to finalize his bond purchase quickly. Today, he is a successful mortgage broker in Erie.
2. Review Your Bond Quote
After submitting your application online for a Pennsylvania surety bond, you will instantly get a quote. If your application is challenging and requires in-depth review, you will get a quote in 48 hours or less. If you have questions about your bond quote, please let us know.
3. Make Your Premium Payment
To finalize your bond purchase, pay your premium online. After submitting the payment, we will quickly process your bond and email it to you. A mailed copy of the bond is available upon request.
We want your Pennsylvania surety bond purchase to be quick and easy. If you have questions or need assistance, we are here to help. Contact us or call us at (877) 514-5146.
Mortgage Broker Bond Requirements in Pennsylvania
The Pennsylvania Mortgage Licensing Act establishes licensing and bond requirements for mortgage professionals and companies. This includes brokers, lenders, servicers and originators. The National Multistate Licensing System, or NMLS, processes license applications.
Depending on origination volume, a mortgage broker requires a $50,000 to $150,000 surety bond called Sponsor of Mortgage Originators bond:
|
Mortgage broker Surety Bond |
|
|
Loan Origination Amount |
Surety Bond Amount |
|
$14,999,999 or Less |
$50,000 |
|
$15,000,0000 to $29,999,999 |
$75,000 |
|
$30,000,0000 to $49,999,999 |
$100,000 |
|
Above $50,000,0000 |
$150,000 |
The bond requirement for a mortgage lender is also called Sponsor of Mortgage Originators bond and varies from $100,000 to $500,000, it is also required a fidelity bond of at least $300,000:
|
Mortgage Lender Surety Bond |
|
|
Loan Origination Amount |
Surety Bond Amount |
|
$29,999,999.99 or less |
$100,000 |
|
$30,000,000 - $99,999,999.99 |
$200,000 |
|
$100,000,000 – $249,999,999.99 |
$300,000 |
|
Above $250,000,000 |
$500,000 |
Mortgage originators require a surety bond ranging from $25,000 to $150,000:
|
Mortgage Originator Surety Bond |
|
|
Loan Origination Amount |
Surety Bond Amount |
|
$7,500,000 or Less |
$25,000 |
|
$7,500,000 to $14,999,999.99 |
$50,000 |
|
$15,000,000 to $29,999,999.99 |
$75,000 |
|
$30,000,000 to $49,999,999.99 |
$100,000 |
|
Above $50,000,000 |
$150,000 |
A mortgage loan servicer in Pennsylvania needs a $500,000 surety bond.
The obligee for these bonds is the Secretary of Banking and Securities of the Commonwealth of Pennsylvania. The surety bond forms are:
Sponsor of Mortgage Originators bond form
The bond runs continuously until it is canceled. To cancel the bond, a 30-day written notice must be provided to the Pennsylvania Department of Banking and Securities. The bond premium is due annually. Our bond experts will reach out to you with payment instructions as the due date approaches.
We are happy to tell you more about Pennsylvania mortgage broker license and bond requirements. For additional information, you can also contact the Pennsylvania Department of Banking and Securities, Non-Depository Licensing Office at (717) 787-3717.
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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!
