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How Much Does a Utah Mortgage License Bond Cost?
In Utah, the cost of a loan originator bond also known as mortgage broker bond, ranges from $125 to $5,000. For a mortgage loan entity bond, the cost is between $250 and $10,000. These costs are based on the required bond amounts, which are $12,500 to $50,000 for loan originators and $25,000 to $100,000 for loan business entities.
Rather than paying the required bond amount, you can buy your loan entity or loan originator bond at a premium from a surety company. Our authorized Utah surety company offers premium rates between 1% and 10%.
Several factors determine the rate you qualify for, including credit scores, credentials and assets. We bond more than 99% of applicants.
A 700 or higher credit score qualifies you for a rate between 1% and 3%. With a 600 to 699 credit score, you qualify for a 3% to 5% rate. A credit score below 600 qualifies for a rate of 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 |
Between |
Below |
|
Utah Mortgage Loan Originator Bond |
$12,500 |
$125 - |
$375 - |
$625 - |
|
Utah Mortgage Loan Originator Bond |
$25,000 |
$250 - |
$750 - |
$1,250 - |
|
Utah Mortgage Loan Originator Bond |
$50,000 |
$500 - |
$1,500 - |
$2,500 - |
|
Utah Mortgage Business Entity Bond |
$25,000 |
$250 - |
$750 - |
$1,250 - |
|
Utah Mortgage Business Entity Bond |
$50,000 |
$500 - |
$1,500 - |
$2,500 - |
|
Utah Mortgage Business Entity Bond |
$100,000 |
$1,000 - |
$3,000 - |
$5,000 - |
How to Get a Utah Mortgage License Bond
1. Apply for Your Bond Online
To set up your loan entity or loan originator bond, begin by filling out the online application. With our straightforward process, this step can be completed in a few minutes. We have proudly served Utah for over a decade, and we offer bonds to fit most needs.
When Cathy contacted us recently, she needed to set up a loan originator bond as soon as possible. She took advantage of our easy application to get an instant quote. After making the bond payment online, she got the Utah surety bond she needed to be a licensed loan originator.
2. Review Your Bond Quote
Our surety bond applicants receive instant quotes after submitting the online form. However, we require up to 48 hours to review challenging applications and deliver a quote. Our supportive bond experts are available to answer your questions about your quote.
3. Make Your Premium Payment
With our online payment portal, completing your surety bond purchase is fast and easy. We will process your bond once the payment is received. For efficiency and for your convenience, we will email your bond to you. If requested, a mailed copy is also available.
Our bond experts take pride in providing superior customer service to customers, and we are happy to answer questions and assist with your purchase. Contact us or call us at (877) 514-5146.
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Mortgage License Bond Requirements in Utah
Both business entities and individuals involved in brokering residential mortgages must be licensed and bonded in Utah. The required bond amounts vary by loan volume. For a loan entity, the bond amount required ranges from $25,000 to $100,000.
|
Utah Mortgage Business Entity Surety Bond |
|
|
Loan Origination Amount |
Surety Bond Amount |
|
up to $10 million |
$25,000 |
|
$10 to $30 million |
$50,000 |
|
over $30 million |
$100,000 |
For a loan originator, the range is from $12,500 to $50,000:
|
Utah Mortgage Loan Originator Surety Bond |
|
|
Loan Origination Amount |
Surety Bond Amount |
|
up to $5 million |
$12,500 |
|
$5 to $15 million |
$25,000 |
|
over $15 million |
$50,000 |
The obligee for both types of bonds is the Utah Department of Financial Institutions. The requirement for a mortgage loan entity bond and loan originator bond is established by Utah Administrative Code R343-5. The responsible authority is the Utah Department of Commerce Division of Real Estate.
The licensing and renewal applications for the mortgage loan entity and loan originator licenses are processed by the National Multistate Licensing System, or NMLS. Our bond experts will help you maintain your bond by providing updated premium payment instructions annually.
We have been serving Utah’s bond needs for over a decade, and we are happy to help you learn how to get a mortgage broker license. You can also reach the Utah Department of Commerce Division of Real Estate at (801) 530-6747 for additional information.
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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!
