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Mortgage Broker Bonds

What is a Mortgage Broker Bond?

mortgage broker bond

A Mortgage Broker Bond is a commercial license surety bond that could be a required condition of gaining a license to operate as a mortgage broker.

Mortgage Broker Bonds involve three parties:

  • The principal is the mortgage broker who purchases the bond to prove that their business is trustworthy.
  • The obligee is the state, and the mortgage broker's clients, who can make claims against the bond if the mortgage broker violates provisions of the bond.
  • The surety is an underwriter who issues the bond to the mortgage broker.

When Do I Need a Mortgage Broker Bond?

In many states, mortgage brokers need to purchase a surety bond in order to become legally licensed. Usually, you are required to hold a Mortgage Broker Bond for as long as you maintain your mortgage broker license.

Laws that regulate mortgage professionals vary by state. Some states have bonding requirements that apply to all mortgage professionals while others have specific requirements that vary by profession. Contact a Viking Bonds agent and we will help you understand your mortgage broker surety bond requirements.

Why Do I Need a Mortgage Broker Bond?

State laws require mortgage broker surety bonds to protect the state and public against potential losses resulting from actions by the mortgage broker that violate state laws and regulations.

Benefits for the Obligees:

In the case of wrongful action on the part of the mortgage broker, the state or the mortgage brokers' clients can make a claim against the Mortgage Broker Surety Bond to seek financial reparations.

How Much Are Mortgage Broker Bonds Written for?

The amount of the Mortgage Broker Bond depends on the state, on the broker's credit, and on the annual volume of loans closed by the broker. In most states there is a legal minimum amount, with increases applied based on the broker's particular credit and loan history. Your bond amount could range anywhere from $10,000 to $100,000, depending on your profile and the state in which you acquire your bond.

How Much Do Mortgage Broker Bonds Cost?

The cost of a Mortgage Broker Bond is calculated as a percentage of the bond amount, depending on the broker's credit. Usually, the cost is around 1-3% of the total bond amount. If you have bad credit, you may still be able to secure a Mortgage Broker Bond, but you will likely have to pay a higher percentage.

What Do You Need to Secure a Mortgage Broker Bond?

Credit score is the most important factor in securing a Mortgage Broker Bond.

Get Your Mortgage Broker Bond Fast

Contact us and submit a simple application, and you can receive your Mortgage Broker Bond quote quickly, usually within 24 hours.

Three Easy Ways to Request a Mortgage Broker Bond Quote Today:

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More About Surety Bonds:
Bad Credit Surety Bond Program

Quotes are available for clients with low credit. In many cases, a bond is not out of reach simply due to bad credit.

How does the SBA Bond Guarantee Program Work?

Viking's contract surety bond agents are registered with the SBA and can provide access to the Surety Bond Guarantee program.

Bonded & Insured, What does it mean?

Learn the process of becoming bonded and insured. Find out how your company can obtain both.

Need a Contractor License Bond?

Viking can get you from bond application to bond in hand quick and easy. We work with both good and bad credit clients. Get started here.

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