Tennessee Mortgage Broker or Lender License Bond

The cost of a mortgage broker bond in Tennessee is between $900 and $9,000 for new applicants. The cost for a mortgage lender bond ranges from $2,000 to $20,000.

These costs are based on a required $90,000 mortgage broker bond and a $200,000 mortgage lender bond. Upon renewal, the bond amounts may change depending on the total loan volume originated by the business. By purchasing your bond through a Tennessee surety company, you can pay a premium rate rather than the full amount of the bond.

The premium rate for your new mortgage broker or lender bond will be between 1% and 10% of the required bond amount. To determine the specific rate, your credit scores, professional experience and financial strength are considered. 

A 1% to 3% premium rate is offered for applicants with a 700 credit score or better. A 3% to 5% rate applies to applicants with a 600 to 699 credit score. With a score of 599 or lower, the rate is 5% to 10% of the required bond amount. 

1. Apply for Your Bond Online

We provide our customers with a straightforward, fast process, and this begins when you complete the online application. More than 99% of applicants qualify for the bond they need when they apply with us. 

Recently, our new customer, Jacob, contacted us to buy a mortgage broker bond for his new business. Soon after he submitted the application, he got a free quote. With our online payment portal, he paid the premium and received the bond in his inbox. Today, Jacob is a mortgage broker in Memphis.

2. Review Your Bond Quote

After completing your bond application online, you can review your no-obligation quote immediately. However, we will respond to complicated applications within 48 hours.

Our knowledgeable bond experts take pride in providing our customers with a quick, no-stress process. If you need assistance with your application or have questions, we are ready to help.

3. Make Your Bond Premium Payment

After reviewing your bond quote, the last step is to pay the premium. You can conveniently make your payment online. After your payment is made, we will email your bond to you. Your bond can also be mailed to you upon request.

Do you have questions about your quote or require assistance with your application?  Contact us or call us at (877) 514-5146.

The Tennessee Department of Financial Institutions is the state authority for mortgage broker and lender license and bond requirements. To obtain a new license or renew a license, however, you must apply through the National Multistate Licensing System, or NMLS.

The license requirements apply to first and second-lien residential mortgages, high-cost home loans, lead generation, home equity financing and reverse mortgages. Foreclosure consultation, manufactured home finance, mortgage modifications, reverse mortgages and servicing are also applicable.

New applicants in Tennessee are required to have a $90,000 bond for mortgage brokers and a $200,000 bond for mortgage lenders. For renewals, mortgage brokers need a surety bond ranging from $45,000 to $135,000, while mortgage lenders require a bond between $100,000 and $300,000. The NMLS only accepts electronic surety bonds. The bond must be submitted through the NMLS portal.

To maintain your surety bond and mortgage broker or lender license, you must pay the bond renewal premium annually. We will contact you prior to the bond renewal date with instructions. 

Get more information about how to get a mortgage broker license in Tennessee. For additional information, contact the Tennessee Department of Financial Institutions at (615) 741-2236.