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How Much Does a Mortgage Lender Bond Cost in Oregon?
An Oregon Mortgage Broker Bond costs as little as $500. The cost of this bond varies and is determined by two main factors.
- Total Bond Amount Needed – This varies from $50,000 to $200,000, depending on the lender’s yearly loan volume.
- Bond Rate – This is the amount you pay to secure a bond, also known as a bond premium. It generally ranges from 1% to 10% of the total bond amount needed. For example, a $50,000 bond costs $500 - $5,000.
Industry experience, past bonding history, and business financials can factor into the bond rate a company or individual qualifies for. However, it primarily depends on credit score.
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Oregon Mortgage Lender Bond Cost Based on Credit Score |
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|
Yearly Loan Volume |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Less than $10,000,000 |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
$10,000,001 to $25,000,000 |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
$25,000,001 to $50,000,000 |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
$50,000,001 to $100,000,000 |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
More than $100,000,000 |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
Want to pay less for your bond? The bond company that issues your bond can make a difference. Large and established sureties, like JW Surety Bonds, offer the lowest bond prices. This is possible due to the large volume of bonds we process.
See How to Choose a Surety Bong Agency for more information.
How to Get a Mortgage Lender Bond in Oregon
1. Apply for Your Bond
We offer two quick and easy ways to apply for an Oregon Mortgage Broker Bond.
- Apply for a bond online: The application is available 24/7 and only takes a few minutes to complete. This method sends a free quote directly to your email inbox.
- Call us at (888)-592-6631: Connect with a bond expert who will assist you with your application and answer your bonding questions.
Ensure that you have the following information on hand when applying:
- Bond Name (Oregon Mortgage Lender Bond)
- Bond Amount (Varies: $50,000, $75,000, $100,000, $150,000 or $200,000)
- Contact information
Important: JW Surety Bonds is licensed to issue bonds in all 50 US states, but not all sureties are.
One of our recent applicants, April, vented to us about another surety company. She was on a tight deadline to get bonded, so she filled out an online application with this surety. It took more than 24 hours for them to reply—and only then did they tell her that they weren’t licensed to issue Oregon surety bonds. Luckily, we were able to get her bonded in less than a day!
2. Sign the Agreement & Pay
If you are satisfied with the quote you receive, log onto our website to sign the bonding agreement. Here, you can also view and pay your invoice.
3. Purchase Your Bond
Once your payment is processed, you will receive an email copy of your bond form. Please ensure that all information on the bond is correct. The original bond will be sent by mail.
Oregon Mortgage Lender Bond Requirements
All companies offering mortgage loans in OR must have an Oregon Mortgage Lender Surety Bond. This is one of the main requirements to get an Oregon Mortgage Broker License.
This surety bond is in place to protect clients and the general public. If the lender conducts business unethically or unlawfully, the bond covers the financial losses caused by the misconduct.
Every Oregon Mortgage Lender Bond involves three parties:
- Principal – the lender that needs to get bonded
- Obligee – the one requiring the lender to get bonded (Oregon Division of Financial Regulation)
- Surety – the company issuing and backing the bond (ex. JW Surety Bonds)
Additional Resources:
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