Tennessee Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Tennessee are regulated by the Tennessee Department of Financial Institutions. This is a tougher state to become licensed in especially because of the minimum net worth requirement and the high Surety Bond requirement. There is an extensive criminal background investigation along with credit check.

The state of Tennessee has a $90,000 Surety Bond requirement. This tends to be an expensive bond for clients even those with great personal credit due the high amount of the bond. There is also a $25,000 net worth requirement which must be prepared by a CPA. Mortgage Brokers that have an appointment with HUD, VA, Fannie Mae, or Freddie Mac do not need to provide a Surety Bond.

Bad Credit Tennessee 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.

Tennessee License Requirements

Age: 18

State Residency: None required

Experience: None required

Education: None required

Continuing Education: None required

Net Worth: $25,000

Surety Bond: $90,000

Free Surety Bond Quote

Background Check: Criminal checks and credit

Tennessee State Licensing Fees

Initial Application: $600

Branch Location: None required

Renewal Application: $500

Branch Offices:

In State Requirements: All are required to be licensed

Licensure Requirements: Mortgage Broker or Originator must be license holder

Exemptions:

Entities: Attorney, Bank, Credit Union, Savings and Loan Company

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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Commercial Bonds

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