Connecticut Mortgage Servicer Bonds

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How Do I Get Bonded?

Connecticut Mortgage Servicer Bonds Explained

As in most states, Connecticut mortgage servicers are required to undergo a licensing procedure prior to launching their operations. One of the main criteria that you have to fulfill is to provide a mortgage servicer bond.

As a security instrument, the bond guarantees your legal compliance. It functions like a safety net that protects the interests of the state and of your customers.

The mortgage servicer bond is a contract between your servicing company as the principal, and two more parties. The Connecticut Department of Banking is the obligee that requires the bonding. The third entity is the surety that provides the bond.

Questions about Mortgage Servicer Bonds in Connecticut

In which cases is this bond necessary?

You have to provide a $100,000 bond in order to obtain a Connecticut mortgage servicer license for a single location. The licensing authority that sets the requirements is the Department of Banking. However, the actual procedure occurs via the Nationwide Multistate Licensing System & Registry (NMLS). The goal of your bond is to ensure that you will follow the Banking Law of Connecticut and any other applicable laws.

How much do I have to pay for this bond?

The required bond amount for getting licensed is $100,000 for one location. If you want to operate more locations, you have to obtain an additional $100,000 bond coverage for each. To get bonded, however, you have to pay only a fraction of the total bond amount, which is called the bond premium.

When you apply with a surety, it examines your personal and business finances to determine your surety bond cost. The main factors that influence it include your personal credit score, company documents, and fixed and liquid assets that you showcase. By assessing them, the surety measures the level of bonding risk involved. For applicants with solid finances, the rates are often between 0.5% and 5%.

Connecticut Mortgage Servicer Surety Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Mortgage servicer bond (per location) $100,000 $500-$1,250 $750-$1,500 $2,000-$5,000 $5,000-$10,000

* 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.

Is bad credit bonding possible?

Obtaining the surety bond that you need if you struggle with financial issues can be tough. Lance Surety Bonds has designed its Bad Credit Surety Bonds program for applicants with low credit scores, tax liens, bankruptcies, and civil judgments.

Since the bonding risk is higher, the rates you can expect are around 5% to 10%. Nevertheless, due to our excellent partnerships with a number of A-rated, T-listed surety companies, you can still obtain a top bonding option with us.

How do I get my bond?

To get started with your bonding, just fill in our online application form (it takes 5min). You will receive a bond quote once you provide all your paperwork. Then, you can buy your bond online, but we will send you both a digital and a paper version of it.

Interested in learning more about how bonding works? You can refer to the in-depth guide on our How to Get Bonded page.

If you have further queries or need help with your application, you can call us at (877) 514-5146 to speak with our bonding specialists.

What if I get a bond claim?

The goal of the surety bond requirement is to ensure that you will abide by the law in your operations as a Connecticut mortgage servicer. Thus, if you fail to do so, you can receive a claim against your bond. This is how a party who has suffered damages due to your actions can demand fair reimbursement.

The maximum compensation they can seek is up to your full bond amount. If the case is proven, you are liable to cover the costs. At first, your surety may step in to pay the claimant, but you will need to repay it soon after. Bond claims can seriously harm your business, so it is best to avoid them as much as possible.

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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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