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Mortgage Broker Surety Bond

Definition: A finance license bond which guarantees mortgage brokers will abide by the rules of their state. This bond is required in every state in order for brokers to get their license.

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FAQ

  • What does a mortgage broker surety bond cost?
  • Bonds prices are a percentage rate of the bond amount. Rates can vary greatly so it is suggested you see the exact rate that applies to you. If you aren't planning on obtaining your license in the near future, you may just want to see the range of costs.

  • Is there a blanket bond that will cover me nationwide?
  • No. You will need a bond for each state you are operating in that has a bond requirement. Some states require a bond for each branch location and or loan originator.

  • How do I get licensed in all 50 states?
  • Getting licensed in all 50 states can be problematic if you work with the wrong surety agent. Mortgage broker bonds are not insurance for the broker, they are a form of credit. Many mortgage brokers reach their surety credit limitations before being able to get licensed in all 50 states.

    However, JW Surety Bonds can group bonds into bulk underwriting programs which allows brokers to exceed their surety credit limits by 10-20x. By doing so, the majority of our mortgage broker clients can get licensed nationwide.

  • Can I get a mortgage originator surety bond with bad credit?
  • Yes. Although it will raise the price for the bond significantly; our online tools allow you to easily get an idea of how much.

  • How much time does a mortgage broker bond application take?
  • Our online application will provide you with an instant quote online.

  • Are these the same as mortgage banker bonds?
  • No. They both guarantee compliance with state law, but they are different bonds for two different occupations. Some states use one bond form for both while others use separate forms.

    Similarly, some bonding companies underwrite the two occupations as the same, while others perceive bankers to carry more risk. See our mortgage lender & banker bond page for further details.

  • How does this differ from mortgage broker professional liability insurance?
  • Professional liability insurance protects the broker in the event of a claim. Mortgage broker bonds provide protection for the public, not the broker. In the event of a claim on the bond, the bonding company will look to the broker for reimbursement. Therefore, mortgage brokers bonds are truly a form of credit to the broker and insurance to the public.

    Both liability insurance and surety bonding are needed when operating as a mortgage broker. It is best to obtain insurance from a trusted Property & Casualty insurance agent, while surety bond requirements are always best left to those who specialize in them.

  • Is this the same as a mortgage bond?
  • No. Some mistakenly refer to these bonds as "mortgage bonds", but that is a different product. These bonds are a type of surety bond in place to guarantee the broker's license. Mortgage bonds are investment bonds backed by real estate or physical property, such as equipment. The mortgage bond market provides investors protection in the event of a default.

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Mortgage Broker Bond Requirements (1st & 2nd Mortgages)

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BOND REQUIRED BY BOND FORM VERSION APPLICATION
BOND REQUIRED BY BOND FORM VERSION
Alabama SAFE Mortgage Act Bond Bond State of Alabama, State Banking Dept APPLY NOW
Alaska Mortgage Broker Regulation Act Bond Dept of Commerce, Community and Economic Development ML-BOND01 (Rev. 11/20/2008), $25K APPLY NOW
Alaska Mortgage Licensee Bond Dept of Commerce, Community and Economic Developme Form ML-BOND01 (Rev. 05/05/2013), $75K APPLY NOW
Arizona Mortgage Surety Bond Bond Dept of Financial Institutions APPLY NOW
Arkansas Mortgage Broker or Mortgage Servicer Bond Bond Securities Dept FMLA Form 008, Amended January 12, 2012 APPLY NOW
California Mortgage Broker Bond Commissioner of Corporations, Dept of Corporations DBO 1422 - CFLL (Rev. 11-13) APPLY NOW
Colorado Mortgage Broker (1st & 2nd Mortgages) Bond Division Of Real Estate MLO APPLY NOW
Colorado Mortgage Loan Originator Bond Division of Real Estate $100K, Under 20 Licenses APPLY NOW
Colorado Mortgage Loan Originator (Individual) Bond Division of Real Estate $25K APPLY NOW
Connecticut Mortgagee Licensee Bond Commissioner of Banking APPLY NOW
Delaware Mortgage Loan Broker Bond Office of the State Bank Commissioner $25K, Updated: 02/26/02 APPLY NOW
District of Columbia Mortgage Broker Surety Bond Bond Dept of Insurance, Securities and Banking, Banking Bureau 08/2010 APPLY NOW
Georgia Mortgage Broker Bond Dept of Banking and Finance DBF Bond Form 07/11/08 APPLY NOW
Idaho Surety Bond For Mortgage Broker Bond Dept of Finance, Consumer Finance Bureau APPLY NOW
Illinois Residential Mortgage License Bond Dept of Financial and Professional Regulation, Division of Mortgage Regulation IL 581-0102 (Rev 4-2012) APPLY NOW
Illinois Loan Broker's Bond Secretary of State, Securities Dept May 2005 APPLY NOW
Indiana Loan Broker Bond Securities Commissioner State Form 53305 (R / 1-11) APPLY NOW
Iowa Mortgage Surety Bond Superintendent of Banking, Dept of Commerce $100K, October 23, 2009 APPLY NOW
Iowa Mortgage Broker Bond Superintendent of Banking, Dept of Commerce $50K, April 13, 2006 APPLY NOW
Iowa REGULATED LOAN LICENSE (IOWA) Bond Superintendent of Banking $25K June 1, 2008 APPLY NOW
Kansas Supervised Lender or Mortgage Company Bond Office of the State Bank Commissioner Form B APPLY NOW
Kentucky Mortgage Loan Broker Bond Executive Director, Office of Financial Institutions $50K, Updated: 4-8-09 APPLY NOW
Louisiana Residential Mortgage Originator Bond Office of Financial Institute $50K APPLY NOW
Louisiana Residential Mortgage Originator Bond Office of Financial Institutions $25K APPLY NOW
Maine Loan Broker Bond Office of Consumer Credit Regulation $25K, Bondform10-2005 APPLY NOW
Maryland Mortgage Broker Bond Financial Reglation Commissioner, Maryland Dept of Labor, Licensing, & Regulation 11-508 3/27/2009 APPLY NOW
Massachusetts Uniform Surety Bond Investment Adviser Licensing Section Form U-SB APPLY NOW
Massachusetts Mortgage Loan Originator Bond Bond Division of Banks $25K APPLY NOW
Massachusetts Mortgage Broker Bond Division of Banks 209 CMR 42.06(2)(a)(2) 12/17/10 APPLY NOW
Michigan Mortgage Loan Originator - Individual Bond Office of Financial and Insurance Regulation FIS 2135 (Revised 7/13) APPLY NOW
Michigan Second Mortgage Broker, Lender, and/or Servicer Bond Office of Financial and Insurance Regulation FIS 1140 (9/13) APPLY NOW
Michigan SECOND Mortgage Broker, Lender, and/or Servicer Bond Commissioner, Office of Financial & insruance FIS 1140 (8/12) APPLY NOW
Michigan Mortgage Lender Bond OFIR FIS 1018 (3/05) APPLY NOW
Michigan First Mortgage Broker, Lender, and/or Servicer Bond Bond Office of Financial and Insurance Services FIS 1140 (9/13) APPLY NOW
Michigan Mortgage Loan Originator - Company Bond OFIR Consumer Finance Section FIS 2137 (Revised 7/13) APPLY NOW
Minnesota Residential Mortgage Servicer Bond Dept of Commerce, Division of Financial Examinations 6/2007 APPLY NOW
Minnesota Residential Mortgage Originator Bond Dept of Commerce 8/2010 - Originator APPLY NOW
Mississippi Mortgage Consumer Protection Law Bond Bond Dept of Banking and Consumer Finance APPLY NOW
Mississippi S.A.F.E. Mortgage Act Bond Mississippi Dept of Banking & Consumer Finance APPLY NOW
Missouri Residential Mortgage Brokers (In Lieu of Audit) Bond Commissioner of Finance $100K APPLY NOW
Missouri Residential Mortgage Loan Broker Bond Bond Commissoner of Finance APPLY NOW
Montana Mortgage Broker Licensee Bond Bond Division of Banking and Financial Institutions Rev June 2011 APPLY NOW
Nebraska Mortgage Originator Bond Director, Dept of Banking and Finance $100K, Rev. 6/2006 APPLY NOW
Nevada Mortgage Broker Bond Division of Mortgage Lending APPLY NOW
New Hampshire Mortgage Broker Bond Bank Commissoner, Banking Dept $50K, Rev. 07/09 APPLY NOW
New Jersey Residential Mortgage Broker Bond Commissioner of Banking and Insurance RMLABOND0210 APPLY NOW
New Mexico Mortgage Loan Company Bond Director,Financial Institutions Division, Regulation and Licensing Dept Revised 8/17/2009 APPLY NOW
New York Registered Mortgage Brokers Bond Superintendent of Banks June2013BondMtgBroker APPLY NOW
New York Originating Entity Bond Superintendent of Banks OE MLO, Ver. 10.3.11 APPLY NOW
New York Mortgage Loan Originator (Individual) Bond New York Banking Department Ver. 9.14.2010 APPLY NOW
New York FHA Mortgage Loan Correspondent Bond Superintendent of Banks $25K APPLY NOW
North Carolina Mortgage Broker Bond North Carolina Commissioner of Banks $125K, Form: MLA02-A, Rev. 7/29/2009 APPLY NOW
North Carolina Reverse Mortgage Bond Commissioner of Banks $100K, Rev.2/00 APPLY NOW
North Carolina Mortgage Broker Surety Bond Commissioner of Banks $75K, Form: MLA02, Rev. 7/29/2009 APPLY NOW
North Dakota Surety Bond for Money Brokers Bond Dept of Financial Institutions, Consumer Division SFN 2121 (5-2006) APPLY NOW
Ohio Mortgage Broker Act Bond Superintendent of Financial Institutions 12/07/09 FINAL APPLY NOW
Oklahoma Supervised Lender License Bond Administrator, Dept of Consumer Credit Revised 1/12/2006 APPLY NOW
Oregon Mortgage Lender Surety Bond Dept of Consumer & Buisness Services, Division of Finance & Corporate Securities 440-2775 (2/10/COM) APPLY NOW
Pennsylvania Sponsor of Mortgage Originators Bond Bond Bureau of Licensing, Compliance & Consumer Services, Dept of Banking 3-FA-3.0 APPLY NOW
Pennsylvania Mortgage Originator (Individual) Bond Bureau of Licensing, Compliance & Consumer Services, Dept of Banking September 1, 2009, Bond 3-K-120 APPLY NOW
Pennsylvania Sponsor of Mortgage Originators Bond Bond Department of Banking and Securities 3-FA-3.0 APPLY NOW
Pennsylvania Mortgage Broker (8 page) Bond Bureau of Licensing, Compliance & Consumer Services, Dept of Banking $100K, June 28, 2002 APPLY NOW
Pennsylvania Mortgage Broker (3 page) Bond Bureau of Licensing, Compliance & Consumer Services, Dept of Banking $100K, 01-30-2009 APPLY NOW
Pennsylvania 1st Mtg. Loan Correspondant Bond Bureau of Licensing, Compliance & Consumer Services, Dept of Banking 4/2003 APPLY NOW
Rhode Island Loan Broker Bond Dept of Business Regulation, Division of Banking 06-05-2009 APPLY NOW
South Carolina Mortgage Broker Special Deposit Bond Dept of Consumer Affairs Rev. 05/05 APPLY NOW
South Dakota Mortgage Company Bond Bond Division of Banking, State of South Dakota APPLY NOW
Tennessee Mortgage Broker, Lender or Servicer Bond Financial Institutions BK 0190 (Rev. 12-08) APPLY NOW
Tennessee Mortgage Broker, Lender or Servicer Bond Tennessee Department of Financial Institutions BK ? 0190 (Rev. 12-08) APPLY NOW
Texas Residential Mortgage Loan Servicer Bond Dept of Savings and Mortgage Lending APPLY NOW
Vermont Mortgage Broker Bond Commisioner of Banking, Insurance, Securities and Health Care Administration BISHCA 5/2008 MB APPLY NOW
Virginia Mortgage Broker Bond State Corporate Commision, Bureau of Financial Institutions CCB-8813, (Rev. 10-01-10) APPLY NOW
Virginia Mortgage Loan Originator Bond Bond State Corp Commission CCB-8814 (Rev. 10-14-10) APPLY NOW
Washington Mortgage Broker Dealer Bond Washington State Securities Division Revised May 30, 2002, $100K APPLY NOW
Washington Mortgage Broker Business w/ Independent Contractors Bond Dept of Financial Institutions 19.146 (Ind. Cont) APPLY NOW
Washington Mortgage Broker Business Bond Dept of Financial Institutions 19.146 APPLY NOW
West Virginia Mortgage Broker Bond Commissioner of Banking $50K APPLY NOW
Wisconsin Mortgage Broker Bond Dept of Financial Institutions $120K, DFI/MB/410 (11/09) APPLY NOW
Wyoming Mortgage Lenders & Brokers Bond Commissioner of Banking, Dept of Audit 40-23-101 - 40-23-133 APPLY NOW


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