New Hampshire Mortgage Broker Bond

Any entity that wants to obtain a New Hampshire mortgage broker license must provide a surety bond in the amount of $50,000. The Nationwide Multistate Licensing System & Registry (NMLS) processes the licensing application, while the licensing authority is the New Hampshire Banking Department. The bond that you provide serves as a guarantee for your compliance with the New Hampshire S.A.F.E. Act and other applicable statutes.

The bond amount for mortgage brokers in New Hampshire is set at $50,000. However, you have to cover a small fraction of it to get bonded. It is called the bond premium. If your finances are stable, the rates typically range between 1% and 5% of your bond amount.

What criteria are considered when formulating your surety bond cost? Your surety has to take a close look at your personal credit score, business finances, and any fixed or liquid assets. On the basis of these factors, it assesses the level of bonding risk involved. The more stable your overall profile is, the better your chances are to get a lower premium.

It is possible to get your mortgage broker bond even if your finances are not perfect. Lance Surety Bonds operates its Bad Credit Surety Bonds program for applicants with low credit scores, tax liens, bankruptcies, and civil judgements.

The bonding rates are in the range of 5%-10% in order to compensate for the higher bonding risk. You can still get a great rate with us, as we collaborate with a number of A-rated, T-listed surety companies, which allows us to shop around for the best option.

The process for getting your New Hampshire mortgage broker bond is the following:

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

2. You will receive a free, no-obligation quote from us

3. If you are happy with your quote, you can buy your bond online

4. Then we will send you a digital and hard copy of the bond

Would you like to delve into the details of the bonding process? You can find out more information on our How to Get Bonded page.

Do you have further questions, or need assistance with your bond application? Just contact us at (877) 514-5146 to get help from one of our bonding experts.

The purpose of your mortgage broker bond is to protect your customers against any illegal and unethical actions you may engage in while in your professional capacity as a broker. If a party suffers damages as a result, they can file a claim against your surety bond.

At first, your surety may step in to pay the costs on any proven claims, thus ensuring a fast compensation to the claimant. However, you are liable for all incurred costs, since this is set in your bond indemnity agreement. The maximum reimbursement is up to the bond amount you have posted, which is, in this case, $50,000. Thus, it's best to avoid claims, as they can harm your business financially, and severely damage your reputation.