- Licensed in MD, PA, VA, OH and FL
- Electronic bond delivery when available
If a state mortgage regulator told you to get a mortgage bond, send us the requirement. We’ll identify the bond, check the amount and form, and tell you what the surety needs for a quote.
A mortgage bond is a surety bond that many states require as a condition of licensing mortgage brokers, lenders, servicers, originators, and other licensed mortgage businesses.
In states that use the NMLS Electronic Surety Bond, the bond is created and tracked in NMLS instead of being mailed as a paper form. The regulator defines the bond form, and the surety or its bond producer creates the bond in NMLS.
Your state regulator decides what bond it will accept. Send us the state’s requirement and we will tell you what the surety needs.
State regulators do. NMLS notes that state regulations define the specific bond requirements, including the amount of coverage, that must be met to obtain, maintain, and renew a license.
The amount can differ by state and by license type, and some states use a net worth requirement or a recovery fund instead of, or along with, a bond.
A lapse can create a licensing problem. What happens depends on the state regulator and the bond wording.
Watch for renewal and cancellation notices, and do not wait until the renewal deadline to ask about the bond.
You normally pay a premium for the bond, not the full bond amount. The premium depends on the bond amount your state sets, credit and financial information, your history, and the surety company.
Some mortgage bonds are simple to underwrite. Larger bonds or businesses with more financial complexity can require more information.
It depends on the bond and the surety company. Many mortgage bonds are credit-based, and larger bonds may also need financial statements.
If credit is an issue, tell us up front. Surety companies do not all underwrite the same way.
Send us what the regulator or NMLS gave you. The most useful items are:
It depends. Straightforward mortgage bonds can often be issued quickly once the requirement and applicant information are clear. Larger bonds, credit issues, or unusual forms can take longer.
If you have a licensing deadline, tell us when you apply.
If this is not the bond you were asked for, these pages may help.
Yes. Each state sets its own mortgage licensing and bonding rules. Bond amounts, license types, and whether a bond is required at all can differ.
Tell us what you’re applying for or send us the paperwork from the regulator. We’ll take it from there.
The Bond Agent | 3655A Old Court Rd, Suite 13 | Baltimore, MD 21208
