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How Much Does a Rhode Island Loan Broker or Lender Bond Cost?
In Rhode Island, a loan broker license bond costs between $200 and $2,000, with additional fees for businesses with four or more branches. A lender license bond ranges from $500 to $5,000, while a small loan lender bond costs between $100 and $1,000. These costs reflect bond requirements of $20,000 for loan brokers, $50,000 for lenders and $10,000 for small loan lenders. You do not have to pay the full bond amount to meet the requirement, however.
With Lance Surety Bonds, you can expect to pay a premium between 1% and 10% of the bond amount. Your bond premium is determined through a review of your credit scores, liquid and fixed assets and professional credentials. Over 99% of our applicants receive the bond they need.
With a 700 or higher credit score, the premium will fall between 1% and 3%. An applicant with a score between 600 to 699 will receive a 3% to 5% rate. With a 599 or 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 |
|
Rhode Island Lender License Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Rhode Island Loan Broker License Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
|
Rhode Island Small Loan Lenders Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
How to Get a Rhode Island Mortgage License Bond
1. Apply for Your Mortgage License Bond Online
Setting up your Rhode Island loan broker, lender license bond or small lender bond requires only a few minutes of your time. To begin, complete the online application. We have been helping Rhode Island’s professionals get bonded for more than a decade, and we are happy to assist you as needed.
Heidi planned to open a loan broker office when she contacted us recently. To meet the licensing requirement for a surety bond, she applied online and had a quote in her hands immediately. We quickly answered her questions about the quote, so she finalized her purchase and got her bond right away.
2. Review Your Bond Quote
Our bond experts know that you need your bond as soon as possible for licensing purposes. Instant quotes are provided to our customers immediately after they apply. For complex situations, a quote is available within 48 hours.
3. Pay Your Bond Premium Online
After reviewing your Rhode Island surety bond quote, make your payment online. Your bond will then be prepared and emailed to you. You can also receive a mailed copy, if requested.
We want you to set up your new bond without a hassle. For assistance from our bond experts, please contact us or call us at (877) 514-5146.
Start your surety bond application. 100% money-back guarantee!
Mortgage License Bond Requirements in Rhode Island
The Rhode Island Department of Business Regulation, Division of Banking, oversees mortgage business licensing. Loan brokers must secure a $20,000 surety bond. Lenders need a $50,000 bond and must meet specific criteria, including a net worth of at least $100,000, a criminal background check, and a minimum of five years' experience in loan-making. Small loan lenders are required to maintain a $25,000 net worth and a $10,000 bond.
Lenders must add an additional $10,000 to the bond amount for four to seven branch locations. With eight or more branch locations, an additional $25,000 is needed for both types of licenses.
The license applications and renewals are managed by the NMLS, or the Nationwide Multistate Licensing System. An electronic surety bond must be uploaded to the NMLS website when applying.
The surety bond must remain active in order to maintain the license. To avoid the cancellation of your bond, you must make the premium payment annually. To assist you with this important step, we will be in touch each year with renewal instructions.
If you have questions about how to get a mortgage broker license in Rhode Island, our bond experts are happy to assist you. Additional information is also available by contacting the Rhode Island Division of Banking by phone at (401) 462-9503.
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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!
