Mortgage Broker Bond
A Mortgage Broker Bond, Mortgage Banker Bond and Mortgage Lender Bond are credit guarantees; a similar example would be applying for an extension of credit or a line of credit from a financial institution.
ProBond Insurance Corp has access to No Credit, Bruised Credit, Problem Credit and Bad Credit programs if you do not qualify for standard Mortgage Broker bonding.
The Sureties will underwrite your submission as the owner or officer and do their due diligence with your personal credit and an overview of your financial strength to make sure that when you are approved for your Mortgage Broker Bond, Mortgage Banker Bond or Mortgage Lender Bond. By qualifying you will indemnify the surety company against a loss in the unforeseen event that a claim may arise.
There are many different types of Surety Bonds. There are Mortgage Broker Bonds; Mortgage Banker Bonds even Correspondent Lender Bonds. Mortgage Broker Bonds are usually a requirement from the Department of Banking. (Please verify with your specific state the dollar amount and which department is requiring the bond).
Mortgage Broker Bonds must be purchased before you can obtain your Mortgage Broker license. The bond will protect the consumer against wrongful acts made by the Mortgage Broker, Mortgage Lender or Mortgage Banker. Please contact us at (888) 490-2663 if you have any questions or check the Mortgage Broker Surety Bond, Mortgage Lender Surety Bond or Mortgage Banker Surety Bond forms and state statutes for further details. Each state has a different requirement for the surety bond dollar amount.
$100,000 Arkansas Mortgage Lender Bond
$50,000 Arkansas Mortgage Broker Bond
$25,000 California Mortgage Lender Bond
$25,000 Colorado Mortgage Broker Bond
$40,000 Connecticut Loan Officer Bond
$12,500 District of Columbia Mortgage Broker Bond; loans $1,000,000 or less
$17,500 District of Columbia Mortgage Broker Bond; where the total loans were more than $1,000,000 but not more than $2,000,000.
$25,000 District of Columbia Mortgage Broker Bond; where the total loans were more than $2,000,000 but not more than $3,000,000,
$50.000 District of Columbia Mortgage Broker Bond; where the total loans were more than $3,000,000.
$25,000 Delaware Mortgage Broker Bond
$10,000 Florida Mortgage Lender Bond
$50,000 Georgia Mortgage Broker Bond
$15,000 Hawaii Mortgage Broker Bond
$15,000 Iowa Mortgage Broker Bond
$25,000 Idaho Mortgage Broker Bond / $10,000 Mortgage Broker Bond each additional location.
$20,000 Illinois Residential Mortgage License Bond
$50,000 Indianapolis Loan Broker Bond
$250,000 Kansas Mortgage Lender Bond / $250,000 Kansas Mortgage Broker Company Bond-$25,000 Kansas Mortgage Lender Bond-$25,000 Kansas Mortgage Company Bond each additional location
$50,000 Kentucky Mortgage Loan Broker Bond / $250,000 Kentucky Mortgage Loan Company Bond
$50,000 Louisiana Mortgage Lender/ $50,000 Louisiana Mortgage Broker Surety Bond
Massachusetts The Division’s regulation 209 CMR 42.03 requires that mortgage lender applicants have either (1) a net worth of not less than $100,000, or (2) a net worth of not less than $25,000 and a Mortgage Lender Surety bond of up to
$75,000 which in the aggregate equals or exceeds $100,000.
$15,000 Maryland Mortgage Lender Bond, $25,000 Maryland Mortgage Lender Bond, $50,000 Maryland Mortgage Lender Bond, $75,000. Maryland Mortgage Broker Bond and $375,000 Maryland Mortgage Lender Bond
$25,000 Maine Mortgage Loan Broker Bond
$50,000 Minnesota Mortgage Originator Bonds / $100,000 Minnesota Mortgage Service Bonds
$25,000 Michigan Mortgage Lender Bond / $125,000 Michigan Mortgage Servicer Bond
$25,000 Missouri Mortgage Broker Bond
$50,000 Mississippi Correspondent Lender Bond, $25,000 Mississippi Mortgage Broker Bond, $150,000 Mississippi Mortgage Lender
$25,000 Montana Mortgage Broker Bond
$50,000 North Carolina Mortgage Broker Bond / $150,000 North Carolina Mortgage Lender Bond
$100,000 Nebraska Mortgage Banker / Broker Bond
$20,000 New Hampshire Mortgage Broker Bond
$25,000 New Mexico Mortgage Broker Bond
$25,000 New York Residential Mortgage Bond / $25,000 New York Loan Consultant Bond
$50,000 Ohio Mortgage Broker Bond
$5,000 Oklahoma Mortgage Lender Bond
$25,000 Oregon Mortgage Broker Bond
$100,000 Pennsylvania Mortgage Broker Bond
$25,000 Rhode Island Mortgage Lender / $10,000 Rhode Island Mortgage Loan Broker / $10,000 Rhode Island Small Loan Lender / $5,000 each additional Agent location
$10,000 South Carolina Mortgage Broker Bond
$90,000 Tennessee Mortgage Broker Bond
$50,000 Texas Mortgage Broker Bond (two year term, bond will renew annually)
$25,000 Utah Mortgage Broker Bond
$25,000 Virginia Mortgage Broker / $50,000 Virginia Mortgage Lender Bond
$10,000 Vermont Mortgage Broker Bond $25,000 Vermont Mortgage Lender
$20,000 Washington Mortgage Broker Bond
$100,000 West Virginia Mortgage Broker Bond
$25,000 Wyoming Mortgage Broker Bond
*PLEASE NOTE: The definitions and dollar amounts of the bonds provided are for informational purposes ONLY and are NOT intended to serve as legal advice and is no substitute for consulting your local state departments or legal counsel.