New Hampshire Mortgage Servicer Bonds

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How Do I Get Bonded?

New Hampshire Mortgage Servicer Bonds Explained

New Hampshire mortgage servicers need to get a license in the state before launching their operations. Among the obligatory requirements that you have to fulfill as a part of this process is to provide a mortgage servicer bond.

The bonding serves as a protection instrument that maintains the interests of the state and your customers. It is a guarantee for your legal compliance in your capacity as a mortgage servicer.

Your surety bond is a contract between your business as the principal, and two more parties. The obligee that sets the licensing requirements is the New Hampshire Banking Department. The third entity provides the bond, and this is the surety.

Questions about Mortgage Servicer Bonds in New Hampshire

When do I have to post this bond?

If you wish to get a New Hampshire mortgage servicer license to work in the state, you have to post a $100,000 surety bond. The Banking Department is the licensing authority, but the process is conducted via the Nationwide Multistate Licensing System & Registry (NMLS). The goal of your bonding is to ensure that you will adhere to all applicable New Hampshire laws.

What are the bonding costs?

In order to obtain your state license, you have to provide a $100,000 surety bond. This is the bond amount, but you have to pay only a part of it, called the bond premium.

The actual surety bond cost that you have to cover is based on the strength of your personal and business finances. Your surety takes into consideration your personal credit score, company financials, and fixed and liquid assets. The stronger these factors are, the lower your bond premium would be. The typical rates for applicants with stable finances are between 0.5% and 5%.

New Hampshire 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
New Hampshire mortgage servicer bond $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 plausible?

If your finances are not in good shape, obtaining a mortgage servicer bond can be difficult. For applicants with low credit scores, tax liens, bankruptcies, and civil judgments, we run our Bad Credit Surety Bonds program.

Due to the increased risk in the bonding, the rates are in the range of 5% and 10%. However, you can still get a top bonding rate with us. This is due to our exclusive partnerships with numerous A-rated, T-listed surety companies.

What is the bonding process like?

You can launch your bonding process today by completing our online application form (it takes 5min). After we have all your documents, we will send you a bond quote. If it is satisfactory for you, you can purchase the bond online. We will then send you a digital and a paper version.

Want to know more about the bonding process? You can refer to our detailed resource on the How to Get Bonded page.

Our bonding experts are here to assist you. To speak to one of them, call us at (877) 514-5146.

What if a claim is made against my bond?

If you fail to follow the laws that govern mortgage servicing in New Hampshire, you can end up with a claim against your surety bond. This is how harmed parties can demand fair compensation for any damages caused by your unlawful actions. The sum that they can seek is up to the bond amount of $100,000.

In case the claim is proven, you are liable to cover all costs. While your surety may pay them at first, you still need to reimburse it afterwards. This means that bond claims can be costly and harmful, so the wisest course of action is to avoid them.

Additional Resources

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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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