Commercial Surety Bonds

Ohio Mortgage Broker Bonds

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Mortgage Broker is the state of Ohio are regulated by the Ohio Department of Commerce Division of Financial Institutions. Any person that will hold themselves out as able to help customers in obtaining a home loan, table funds, or develop sales leads for other companies must be licensed. Mortgage brokers are also required to submit an application for all offices operating in Ohio and at least one office must be physically located in Ohio.

The Surety bond requirement in Ohio is $50,000 for the first office and $10,000 for each additional office that is registered to do business. They also require that the office be photographed so they have proof of existence. Proof of compliance with Zoning Laws must also be submitted to the state. This insures that the office is compliant with the laws and can be confirmed to be an operating business with standard hours of operation that are customer friendly.

Bad Credit Ohio Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Ohio License Requirements

Age: 18

State Residency: None required

Experience: 2 years

Education: 24 Hours of pre-Licensing

Continuing Education: None Required

Net Worth: None Required

Surety Bond: $50,000

Background Check: Criminal check & credit check

Ohio State Licensing Fees

Initial Application: $350

Branch Location: $350

Renewal Application: $350

Branch Offices:

In State Requirements: Does not need to be located in Ohio

Licensure Requirements: Each office must be licensed

Exemptions:

Entities: Bank, Trust Company, Savings and Loan Company, Credit Union, Real Estate Investment Trusts, Attorney, Person acting under the court.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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