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Mortgage Lender Bonds

Complete Guide to Bonding for Mortgage Lenders

  • 99% of Mortgage Lenders Approved!
  • 100% Secure Online Application
  • Lowest Rates for Mortgage Bankers!
  • Exclusive Bad Credit Programs

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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.

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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
Mortgage Lender Bonds by State

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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