call us: 877.514.5146

Delaware Mortgage Broker Bond

  • Obtain your free bond quote
  • Excellent bonding rates
  • Bad credit program
  • Effortless online process

How Do I Get My Bond?

Start Your Application


Fill out the online application form

Receive Your Free Quote


You will be sent your quote in minutes

Buy Your Surety Bond


We offer secure payment options

Delaware Mortgage Broker Bonds Explained

Mortgage brokers in Delaware have to undergo a rigorous licensing procedure that ensures their suitability for the profession. It entails providing a mortgage broker bond.

As other surety bonds, this bond ensures that you will comply with all applicable rules and regulations in your operations as a mortgage broker. It acts as a safety net for the state and your customers.

When you get bonded, your mortgage brokering business enters a three-party contract as the principal. The Delaware Office of the State Bank Commissioner is the obligee that requires the bond from you, while the surety is the entity that provides you with the bond funding.

Questions about Mortgage Broker Bonds in Delaware

In which cases is this bond required?

The Delaware Office of the State Bank Commissioner requires all mortgage brokers to post a $25,000 surety bond. As for other mortgage professionals, the licensing is conducted via the Nationwide Multistate Licensing System & Registry (NMLS). The bond serves as a guarantee for your compliance with the Delaware S.A.F.E. Mortgage Licensing Act of 2009, and any other applicable laws.

How much would I pay to get bonded?

In order to obtain a Delaware mortgage broker license, you have to post a bond amount of $25,000. However, you will only have to pay a small percentage of it, which is called the bond premium. The typical rates for applicants with stable finances are between 1% and 5%.

What indicators are considered when determining your surety bond cost? The most important ones include your credit score, business finances, and any assets and liquidity. On the basis of these factors, your surety assesses the bonding risk that you pose. The lower it is, the smaller your bond premium is likely to be.

Delaware Mortgage Broker Bond Cost Based on Credit Score
Bond name Bond amount Credit Score
Above 700 Between 650-699 Between 600-649 Below 599
Delaware mortgage broker bond $25,000 $125-$312.5 $187.5-$375 $500-$1,250 $1,250-$2,500

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

Can I obtain bonding with problematic finances?

It is possible to get bonded even if you are struggling with bad credit. Lance Surety Bond operates its Bad Credit Surety Bonds program for applicants with financial issues such as low credit scores, tax liens, bankruptcies, and civil judgements.

Since the bonding risk is higher, you can expect the rates to be in the 5%-10% range. However, due to our partnerships with a number of A-rated, T-listed surety companies, we can offer you a top bonding option regardless of your credit.

How do I apply for a bond?

In order to obtain your Delaware mortgage broker bond, you will need to follow the following steps:

  1. Complete our online application form (it takes 5min)

  2. We will contact you with a free, no-obligation quote

  3. If you are satisfied with your quote, you can purchase your bond online

  4. Afterwards, you will receive a digital, as well as a hard copy of your bond

Would you like to learn more about how bonding works? Make sure to consult our How to Get Bonded page for further information.

If you have any questions or need assistance with your bond application, you can contact us at (877) 514-5146 to speak to our bonding experts.

How are claims handled for mortgage brokers?

The goal of your mortgage broker bond is to protect the rights of your customers. If you don't follow your legal obligations under Delaware law, you can face a claim against your bond. This is how your clients can demand reimbursement for any damages.

Initially, your surety may pay the claim on proven cases. Afterwards, as per the bond indemnity agreement, you will be liable to reimburse all costs. Thus, it's best to stay away from situations that can give rise to claims, which can be costly and harmful to your business.

Additional Resources

START YOUR APPLICATION It's FREE. No Obligations. Approval in Minutes.

About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

Still Have Questions? Check Our FAQ Pages

What Our Clients Have To Say?

Kimberlee Ables
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!
Andrew Poincot
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!
Margie Martinez
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!

As Featured In