What is a Mortgage Lender Bond?Mortgage Lenders and Bankers are defined as any person or company who is compensated to originate, sell or services mortgages. Specifically, mortgage lenders loan money to the borrower at the closing table. In addition to being licensed, mortgage bankers must also get a surety bond in order to guarantee compliance with state regulations governing this line of business. Mortgage Lender Bonds protect consumers that are working with lenders to obtain a mortgage for their home. Lance Surety has a variety of bond programs created to get all types of Mortgage Lenders approved at excellent rates.
Also known as Mortgage Banker, Finance Lender, Licensed Lender, and Mortgage Loan Company Bonds.
Questions about Mortgage Lender Bonds
How do I become a Mortgage Banker?
While Mortgage Banker licensing requirements may vary slightly from state to state, the general criteria to become a licensed mortgage lender is similar throughout the nation. In most cases, prelicensing requirements consist of completing an approved mortgage lender course that covers issues such as state laws and ethical responsibility. Once completed, mortgage lenders will need to submit the state’s license application, along with any licensing fee. A surety bond is also required, which will be filed with along with the license.
How much does a Mortgage Lender Bond cost?
These bonds are paid for on annual basis. In most cases, bond costs are determined based solely on owner credit. Mortgage Bankers with excellent personal credit may be eligible for standard market rates, which range from 1% to 3% of the total bond amount. If the owner has poor credit, annual premium typically ranges between 5% to 10% of the bond amount. In most states, we can approve higher risk applicants at no higher than 7.5%.
If I’m a Mortgage Banker with bad credit, can I become bonded?
Yes. While many surety companies only offer quotes to customers with excellent credit, Lance Surety has a number of exclusive Mortgage Broker Bond programs that allow us to approve just about anyone. One of the only exceptions would be if you have an open bankruptcy or past due child support.
What you pay per year will depend on your personal credit, but regardless of your score Lance Surety is able to offer very aggressive rates to mortgage lenders.
If I have bad credit, how can I lower my rate?
While our agency offers instant quotes based on owner personal credit, it is possible to lower the cost of your Mortgage Broker Bond by providing additional information. For example, if you have strong liquid assets and can provide cash verification, that could be used to strengthen your application. Strong business and personal financial statements can also be considered in determining your rate.
Do I need a physical location in a state to become licensed and bonded?
This depends on what state you are looking to become licensed in, but in most cases you do not need a physical office. In the past, this was a standard state requirement, but as more business is being conducted over the internet, many states’ mortgage licensing laws are becoming more lenient. As each state’s laws differ, you’ll want to check specific state requirements to make sure you meet their criteria.
Find Your Surety Bond
|Arizona||Mortgage Banker Bond||Superintendent, Dept of Financial Institutions||Apply Now|
|Arkansas||Mortgage Banker||Securities Dept||Apply Now|
|California||Finance Lender||Commissioner of Corporations, Dept of Corporations||Apply Now|
|California||Residential Mortgage Lender and-or Servicer Bond||Commissioner of Corporations, Dept of Corporations||Apply Now|
|Colorado||Supervised Lender||Adminstrator of Uniform Consumer Credit Code||Apply Now|
|Connecticut||Mortgage Licensee Bond||Dept of Banking||Apply Now|
|Delaware||Licensed Lender||Office of the State Bank Commissioner||Apply Now|
|District of Columbia||Mortgage Lender||Dept of Ins., Securities & Banking||Apply Now|
|District of Columbia||Mortgage Lender Surety Bond||Dictrict of Columbia, Dept of Insurance||Apply Now|
|Georgia||Mortgage Lender||Dept of Banking and Finance||Apply Now|
|Georgia||Residential Mortgage||Dept of Banking & Finance||Apply Now|
|Idaho||Mortgage Lender||Idaho Dept of Finance||Apply Now|
|Illinois||RESIDENTIAL MORTGAGE LICENSE||Illinois Dept of Financial Regulation||Apply Now|
|Indiana||First Lien Mortgage Lending||Securities Commissioner||Apply Now|
|Indiana||Mortgage Lending||State of Indiana Dept of Financial Institutions||Apply Now|
|Iowa||Mortgage Banker||Superintendant of Banking, Iowa Dept of Commerce||Apply Now|
|Kansas||Supervised Lender or Mortgage Company||State Bank Commissioner||Apply Now|
|Kentucky||$250K Mortgage Loan Company||Executive Director, Office of Financial Institutio||Apply Now|
|Kentucky||$100K Mortgage Loan Company||Executive Director, Office of Financial Institutio||Apply Now|
|Louisiana||Residential Mortgage Lender Surety||Office of Financial Institutions||Apply Now|
|Louisiana||RESIDENTIAL MORTGAGE LENDER SURETY||Office of Financial Institutions||Apply Now|
|Maine||Supervised Lender||Bureau of Consumer Credit Protection||Apply Now|
|Maryland||Mortgage Lender||Commissioner of Financial Regulation||Apply Now|
|Massachusetts||Mortgage Lender||Treasurer and Reciever General||Apply Now|
|Michigan||Bond - FIRST Mortgage Broker, Lender, and/or Servi||Office of Financial and Insurance Services||Apply Now|
|Minnesota||Mortgage Lender||Dept of Commerce||Apply Now|
|Mississippi||Mortgage Lender||Dept of Banking & Consumer Finance||Apply Now|
|Missouri||Mortgage Lender||Commissioner of Finance||Apply Now|
|Montana||Mortgage Lender||Division of Banking and Financial Institutions||Apply Now|
|Montana||Mortgage Lender License Bond||Division of Banking and Financial Institutions||Apply Now|
|Nebraska||Mortgage Banker||Dept of Banking and Finance||Apply Now|
|Nebraska||Mortgage Banker||Dept. of Banking and Finance||Apply Now|
|Nevada||Covered Service Provider Bond||State of Nevada||Apply Now|
|Nevada||Mortgage Banker Bond||Division of Mortgage Lending||Apply Now|
|New Hampshire||Mortgage Banker||Bank Commissioner||Apply Now|
|New Jersey||Mortgage Lender||Dept of Banking and Insurance||Apply Now|
|New Mexico||MORTGAGE LOAN COMPANY CORPORATE SURETY BOND||State Of New Mexico||Apply Now|
|New York||Licensed Mortgage Banker Bond||NY Superintendent of Banks||Apply Now|
|New York||REGISTERED MORTGAGE LOAN SERVICERS||Superintendent of Banks of the State of New York||Apply Now|
|North Carolina||Mortgage Lender||Commissioner of Banks||Apply Now|
|North Carolina||Mortgage Lender||Commissioner of Banks||Apply Now|
|North Dakota||Mortgage Lender||Dept of Financial Instituions, Consumer Division||Apply Now|
|Ohio||OHIO MORTGAGE BROKER ACT||Superintendent of Financial Institutions||Apply Now|
|Oklahoma||Supervised Lender License||Dept of Consumer Credit||Apply Now|
|Oklahoma||Mortgage Lender Bond||Administrator of the Department of Consumer Credit||Apply Now|
|Oregon||Mortgage Lender||Division of Finance and Corporate Securities||Apply Now|
|Pennsylvania||Mortgage Lender||Dept of Banking||Apply Now|
|Rhode Island||Mortgage Lender||Dept of Business Regulation, Division of Banking||Apply Now|
|South Carolina||Mortgage Lender||State Board of Financial Institutions||Apply Now|
|South Carolina||Mortgage Lender Special Deposit||South Carolina Dept of Consumer Affairs||Apply Now|
|South Dakota||Mortgage Lender||Division of Banking||Apply Now|
|South Dakota||MORTGAGE LENDER||DIVISION OF BANKING||Apply Now|
|South Dakota||Money Lender Bond||Division of Banking||Apply Now|
|Tennessee||Mortgage Lender||STATE OF TENNESSEE Dept OF FINANCIAL INST.||Apply Now|
|Texas||Mortgage Lender||Dept of Savings and Mortgage Lending||Apply Now|
|Utah||Mortgage Lender (Entity)||Dept of Commerce, Division of Real Estate||Apply Now|
|Utah||Mortgage Lender (Individual)||Dept of Commerce, Division of Real Estate||Apply Now|
|Vermont||Mortgage Lender||Commissioner of Banking & Insurance||Apply Now|
|Vermont||Loan Servicer||Commissioner of Banking & Insurance||Apply Now|
|Virginia||Mortgage Lender||Bureau of Financial Institutions||Apply Now|
|Washington||Consumer Loan Business||Dept of Financial Institutions||Apply Now|
|Washington||Residential Loan Servicing Business Bond||Dept of Financial Institutions||Apply Now|
|West Virginia||Mortgage Lender||Commissioner of Banking||Apply Now|
|West Virginia||Mortgage Lender/Originator||Commissioner of Banking||Apply Now|
|Wisconsin||Mortgage Banker||State of Wisconsin, Dept of Financial Institution||Apply Now|
|Wyoming||SURETY BOND FOR MORTGAGE LENDERS AND BROKERS||Commissioner of Banking, Dept of Audit||Apply Now|