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Maryland Mortgage Broker Bond

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  • Bad credit bonding options
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Mortgage Broker Bonds in Maryland Explained

As in most states across the country, mortgage brokers in Maryland are required to obtain a state license in order to get the right to operate legally. As a part of this process, you need a mortgage broker bond.

Its goal is to ensure you will comply with all legal requirements and obligations as a mortgage broker in the state. The bonding provides an extra layer of protection for your customers against potential fraud and misuse on your side.

Your mortgage broker bond works like a three-party contractual agreement with your business as the principal. The Maryland Department of Labor, Licensing and Regulation is the obligee requiring the bonding, while the surety is the third entity that backs your business.

Questions about Mortgage Broker Bonds in Maryland

Who is required to obtain a mortgage broker bond in Maryland?

If you want to work in the mortgage lending industry in Maryland as a broker, lender or servicer, you need to obtain a mortgage lender license from the state Department of Labor, Licensing and Regulation. The licensing is handled via the Nationwide Multistate Licensing System & Registry (NMLS). You need to provide a surety bond as a part of the process in an amount between $50,000 and $150,000, depending on your yearly volume of business. The bond ensures your compliance with the Maryland Mortgage Lender Law.

How much does it cost to get a mortgage broker bond in Maryland?

In order to obtain a Maryland mortgage lender license, you need to post a bond in the amount between $50,000 and $150,000, as shown in the table below.

Maryland mortgage broker bond amount
Yearly business volume Bond amount required
Below $3 million $50,000
Between $3 million and $10 million $100,000
Above $10 million $150,000

* 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.

Your actual surety bond cost is a small percentage of the required bond amount that is called the bond premium. It is based on the strength of your finances. You can expect rates between 0.5% and 5% if your finances are in good shape.

The most important factors that affect your bond cost include your personal credit score, business financials, and assets and liquidity that you can showcase. Your surety needs to examine these criteria in order to assess the stability of your finances. If they are deemed so, your bond premium is likely to be lower, as the bonding risk is perceived as low.

Maryland Mortgage Broker Bond Cost Based on Credit Score
Mortgage broker bonds based on yearly business volume Bond amount Credit Score
Above 700 Between 650-699 Between 600-649 Below 599
Volume below $3 million $50,000 $250-$312.5 $375-$750 $1,000-$2,500 $2,500-$5,000
Volume between $3 million and $10 million $100,000 $500-$625 $750-$1,500 $2,000-$5,000 $5,000-$10,000
Volume above $10 million $150,000 $750-$1,875 $1,125-$2,250 $3,000-$7,500 $7,500-$15,000

* 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 get bonded with problematic finances?

Lance Surety Bond has designed its Bad Credit Surety Bonds program for applicants with issues such as a low credit score, tax liens, bankruptcies, and civil judgements. If you are struggling with such issues, you can benefit from this option.

In order to compensate for the higher bonding risk, the bond rates are higher, in the range of 5% to 10%. Still, due to our close partnerships with a number of A-rated, T-listed surety companies, we can offer you a top bonding option.

How do I get bonded?

Would you like to explore the bonding process in-depth? You can consult our detailed How to Get Bonded page for further information.

Have more queries or need help with your bond application? Just contact us at (877) 514-5146 to speak to our bonding experts.

What happens if I get a claim against my mortgage broker bond?

The goal of your surety bond is to protect the state and your customers. It can be used as a safety mechanism in case you transgress from your legal obligations as a mortgage broker in Maryland. If a party suffers damages as a result, they can file a claim against your bond.

For proven cases, you have to pay a reimbursement up to the penal sum of your bond. Initially, your surety may cover the costs in order to ensure fast compensation. However, you are fully liable to repay it afterward. Bond claims are a serious financial and reputational threat, so it’s best to stay away from situations that can lead to them.

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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

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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!

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