Mortgage Lender & Broker Bonds

What is a Mortgage Surety Bond? (And, why is it a license requirement?)

Buying a home is often the largest purchase a person makes in their lifetime. Since a large amount of money is involved with purchasing a home, mortgage professionals must complete training to obtain a license in the state they work. As an effort to prevent fraudulent activities in the mortgage industry, most states enforce licensees to secure a Surety Bond.

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Surety Solutions, A Gallagher Company

4.9

Based on 294 reviews

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Easiest system to use and, by far, the fastest company with providing E&O and Surety bond insurance. HIGHLY recommend!

Mortgage H.

20:51 02 Mar 22

Surety Solutions goes above and beyond their duty to make their customer feel confident that they are choosing the right company. Jessi Wimer personally helped me through the process. She was very informative and made sure that every concern I had was dealt with in the most professional and efficient way. Thank you for your hard work!

Chris L.

17:07 08 Feb 22

Excellent service; they exceeded my expectations in timeliness and professionalism.

Bridgette M. B.

23:24 10 Dec 21

Client services provided quick and accurate responses.

James G.

17:49 30 Nov 21

Very helpful and they respond quickly to any questions.

Eva Hammel H.

16:46 30 Nov 21

Katrina Fearn, Client Service Manager at Surety, is an absolute pleasure to work with!! She is always highly responsive, and has provided me nothing but excellent service since our first interaction. I highly recommend working with her and the Surety team. They will always go above and beyond. Thank you for all that you've done!

Zakieh A.

16:38 04 Nov 21

I have been working with Steve Shike and he has been so helpful. I purchased the wrong bond and Steve instantly requested a refund on my behalf and called back with the good news. I appreciate him for helping me figure out my situation in such a timely matter. Thank you Steve for responding to my calls and emails promptly.

Ashley W.

18:25 10 Aug 21

Gerry J.

16:30 08 Aug 21

Katrina and Surety Solutions was awesome to work with and made the process seamless. Even after I, PERSONALLY, made a mistake and caused a delay, Katrina was able to spot my mistake and kindly address the error while still delivering my bond as if nothing had happened.I have nothing but good things to say about Surety Solutions.

Xavier A.

15:40 22 Jul 21

jerry T.

04:44 03 Jul 21

Katrina and Surety Solutions were very helpful and fast. I needed to change the bond I ordered and they handled that within minutes. Their response time to emails and request were great and that is why I will continue to work them both. All I ask for is relatively decent response time when there are issues that need resolved and Katrina far exceeded that and was friendly on top of everything else. Well done.Kris

Kristopher M.

14:23 24 Jun 21

Grace answered the phone immediately with a positive attitude and willingness to help. She followed through professionally and promptly through entire process.

Danny S.

14:41 15 Jun 21

Surety Solutions has been the most amazing and easiest company to work with on Bonds in my past 17 years of doing insurance. They are very quick to respond and very personal to work with. Jake Durrant is absolutely the best!

Bonnie A.

20:39 20 May 21

Suzie T.

17:14 07 May 21

Easy experience.

Tonya B.

01:18 21 Apr 21

I had the pleasure of working with Katrina Fearn to obtain mortgage broker surety bonds and I can say with zero hesitation, that she is wonderful to work with. Extremely responsive, communicative and helpful. Surety Solutions + Katrina = Great Partnership. Thanks!!!

Ryan M.

20:18 19 Apr 21

Can't say enough good things about Katrina Fearn, she was exceptionally prompt, responsive and a true professional in getting me the bond in a timely manner. Just amazing customer service.

Umesh M.

23:34 07 Apr 21

I needed a copy of my bond and with people working form home I thought is was going to take a long time. I got an email with the copy of my bond with in minutes. Never seen anything like that. Very Professional and fast response. thank you for good business ethic

Ernesto U.

19:08 10 Feb 21

Just obtained Mortgage Broker Surety Bond for two states. not only the price was right but service and professionalism exceeded my expectations. i can't thank Steve enough and wish i knew them sooner.

Ruslan K.

22:43 08 Jan 21

I bought a surety bond for my business. The name on the application has my middle name on it and the policy didn't. That would or could have created a problem. I wrote to customer service to complain. Well not complain but ask for it to be changed. Since it was Thanksgiving weekend I wasn't expecting to hear back till this week sometime. Well to my surprise it was "Very" Quickly. JD was very helpful and professional. Fixed it then contacted me with the corrected version. Couldn't be happier. " Good Business is Good Business"

MrDarryk

05:17 01 Dec 20

JP M.

01:46 04 Nov 20

Amazing customer service and friendly and informative reps.

Obsesion H.

04:45 26 Oct 20

Surety solutions handled my request for a Guardianship Bond professionally, with great care and provided great value to my family. Of all of the insurance companies I contacted for my need, Surety Solutions was by far the most responsive, courteous and knowledgeable. I very much appreciate their fine service!!

Irena S.

03:00 25 Sep 20

The entire staff from Jake to Katrina were more than professional and bent over backwards to meet mine and The State of California's requirements

Kirk G.

19:10 23 Jun 20

This process could not have been easier! Mr. Chipman sent me an email link and I just followed the steps. I highly recommend Mr. Beau Chipman to anyone who needs this service.

Sharon H.

23:29 28 Apr 20

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State	Bond Type	Quotes
Alabama	Appraisal Management Company Bond	Get Quotes
Alabama	Blue Sky Bond	Get Quotes
Alabama	Mortgage Broker Bond	Get Quotes
Arizona	Escrow Agent License Bond	Get Quotes
Arizona	Mortgage Broker Bond	Get Quotes
Arizona	Mortgage Banker Bond	Get Quotes
Arkansas	Mortgage Banker, Broker, or Servicer Bond	Get Quotes
Arkansas	Time-Share Bond - Acquisition, Sales, Managing Agents	Get Quotes
California	Finance Lender/Broker Bond	Get Quotes
California	Mortgage Lender/Servicer Bond	Get Quotes
California	Residential Mortgage Lender Bond	Get Quotes
Colorado	Mortgage Loan Originator Bond	Get Quotes
Colorado	Blanket Mortgage Loan Originator Bond - 20 or More Licensees	Get Quotes
Colorado	Blanket Mortgage Loan Originator Bond - Less than 20 Licensees	Get Quotes
Connecticut	Mortgage Broker Lender Bond	Get Quotes
Connecticut	Mortgage Servicer Bond	Get Quotes
Delaware	Mortgage Loan Broker Bond	Get Quotes
Delaware	Mortgage Loan Originator Bond	Get Quotes
District of Columbia	Mortgage Lender-Broker Bond	Get Quotes
Georgia	Mortgage Broker-Lender Bond	Get Quotes
Hawaii	Mortgage Servicer License Bond	Get Quotes
Illinois	Loan Broker’s Bond	Get Quotes
Illinois	Residential Mortgage License Bond	Get Quotes
Indiana	Loan Broker Bond	Get Quotes
Indiana	Mortgage Lending Bond	Get Quotes
Indiana	Mortgage Broker Bond	Get Quotes
Indiana	First Lien Mortgage Lending License Bond	Get Quotes
Indiana	Mortgage Lending Exempt Company Registration Bond	Get Quotes
Indiana	Subordinate Lien Mortgage Lending License Bond	Get Quotes
Iowa	Loan Company License Bond	Get Quotes
Iowa	Mortgage Lending Bond	Get Quotes
Iowa	Mortgage Broker or Mortgage Banker Bond	Get Quotes
Iowa	Exempt Company Registration Mortgage Bond	Get Quotes
Kansas	Supervised Lender or Mortgage Company Bond	Get Quotes
Kentucky	Broker-Dealer-BlueSky Bond	Get Quotes
Kentucky	Mortgage Loan Broker Bond	Get Quotes
Kentucky	Mortgage Loan Company Bond	Get Quotes
Kentucky	Mortgage Loan Originator Bond ($15k)	Get Quotes
Kentucky	Mortgage Loan Originator Bond ($20k)	Get Quotes
Louisiana	Mortgage Lender-Broker Bond (50k)	Get Quotes
Louisiana	Mortgage Lender-Broker Bond (25k)	Get Quotes
Maine	Mortgage Loan Originator Bond	Get Quotes
Maryland	Mortgage Lender Bond	Get Quotes
Massachusetts	Mortgage Broker Bond	Get Quotes
Massachusetts	Mortgage Lender Bond	Get Quotes
Michigan	First Mortgage Broker, Lender, and/or Servicer Bond	Get Quotes
Michigan	Second Mortgage Broker, Lender, and/or Servicer Bond	Get Quotes
Michigan	Mortgage Loan Originator Bond	Get Quotes
Minnesota	Residential Mortgage Originator Bond	Get Quotes
Mississippi	Designated Agent Bond (Manufactured Homes)	Get Quotes
Mississippi	S.A.F.E. Mortgage Act Bond	Get Quotes
Missouri	Residential Mortgage Broker Bond	Get Quotes
Montana	Escrow Business Bond	Get Quotes
Montana	Mortgage Broker Bond	Get Quotes
Montana	Mortgage Servicer Bond	Get Quotes
Montana	Mortgage Lender Bond	Get Quotes
Montana	Title Loan Licensee Bond	Get Quotes
Nebraska	Escrow Agent Bond	Get Quotes
Nebraska	Mortgage Banker Bond	Get Quotes
New Hampshire	Mortgage Broker-Banker Bond	Get Quotes
New Hampshire	Mortgage Broker-Servicer Bond	Get Quotes
New Hampshire	Real Estate Broker Bond	Get Quotes
New Jersey	Mortgage Broker Bond	Get Quotes
New Jersey	Mortgage Lender/Broker Bond for Corporations	Get Quotes
New Jersey	Mortgage Lender/Broker Bond for Individuals	Get Quotes
New Mexico	Escrow Company Corporate Surety Bond	Get Quotes
New Mexico	Mortgage Loan Company Bond	Get Quotes
New Mexico	Mortgage Loan Originator Bond	Get Quotes
New York	Excess Line Broker Bond	Get Quotes
New York	Licensed Mortgage Banker Bond	Get Quotes
New York	Mortgage Loan Originating Entity Bond	Get Quotes
New York	Mortgage Loan Originator Individual Bond	Get Quotes
New York	Registered Mortgage Broker Bond	Get Quotes
New York	Registered Mortgage Loan Servicer Bond	Get Quotes
North Carolina	Mortgage Broker Bond	Get Quotes
North Carolina	Mortgage Servicer Bond	Get Quotes
North Carolina	Mortgage Servicer Bond	Get Quotes
Ohio	Mortgage Broker Bond	Get Quotes
Ohio	Title Agent Bond	Get Quotes
Oklahoma	Mortgage Lender Bond	Get Quotes
Oregon	Mortgage Lender Bond	Get Quotes
Oregon	Mortgage Broker Surety Bond	Get Quotes
Oregon	Mortgage Servicer Surety Bond	Get Quotes
Pennsylvania	Mortgage Broker Bond	Get Quotes
Pennsylvania	Mortgage Loan Correspondent Bond	Get Quotes
Pennsylvania	Mortgage Originator Individual Bond	Get Quotes
Pennsylvania	Mortgage Originator Employer Bond	Get Quotes
Rhode Island	Loan Broker Bond	Get Quotes
Rhode Island	Mortgage Lender Bond	Get Quotes
South Carolina	Broker-Dealer and Investment Advisor Bond ($35k)	Get Quotes
South Carolina	Broker-Dealer and Investment Advisor Bond ($50k)	Get Quotes
South Carolina	Mortgage Broker Special Deposit Bond	Get Quotes
South Dakota	Mortgage Company Bond	Get Quotes
South Dakota	Exempt Mortgage Company Registration Bond	Get Quotes
Tennessee	Broker Dealer Bond	Get Quotes
Tennessee	Modular Home Dealer Bond	Get Quotes
Tennessee	Mortgage Broker-Lender-Servicer Bond	Get Quotes
Texas	Residential Mortgage Loan Servicer Bond	Get Quotes
Vermont	Mortgage Broker	Get Quotes
Virginia	Mortgage Lender/Broker Bond	Get Quotes
Virginia	Mortgage Loan Originator Bond	Get Quotes
Washington	Mortgage Broker Surety Bond	Get Quotes
Washington	Surety Bond to Operate Mortgage Broker Business	Get Quotes
Washington	Surety Bond to Operate Mortgage Broker Business with Independent Contractors	Get Quotes
Washington	Surplus Line Broker Bond	Get Quotes
West Virginia	Mortgage Broker Bond	Get Quotes
West Virginia	Mortgage Lender Bond	Get Quotes
West Virginia	Real Estate Broker or Salesman	Get Quotes
Wisconsin	Mortgage Banker Bond	Get Quotes
Wisconsin	Mortgage Broker Bond	Get Quotes
Wyoming	Mortgage Lender and Broker Bond	Get Quotes

The Surety Bond offers comfort to the buyer since the bond deters the mortgage professional from conducting their responsibilities unethically. By enforcing the Surety Bond requirement, your state’s licensing board removes themselves from being financially responsible for complaints filed against your mortgage license.

How is a bond different from insurance?

Unlike traditional insurance, the Surety Bond does not provide coverage for you, the mortgage professional licensee. The bond functions more as a combination of a line-of-credit and insurance. There are three parties associated with the bond.

Principal – As the licensee, you are assigned the principal of the bond.

Obligee – The licensing department requiring you to get a Surety Bond.

Surety – The surety company that issues your bond.

The state licensing department enforces the Surety Bond requirement to prevent predatory lending activities and abuse of the mortgage lending processes to steal cash and equity from homebuyers and/or lenders.

Your clients are protected by your Surety Bond. They can make a claim against your bond if you commit any acts of fraud. If the surety’s investigation on the claim proves the claim is valid, they will payout to the claimant.

What happens if a claim is made on my bond?

Of course, you don’t plan on having a claim made against your bond. Your surety provider doesn’t expect you to receive a claim, either. This is why the cost of the bond is only a small portion of the necessary bond amount. Still, getting a claim is possible.

If a claim is made against your bond, the surety company performs a comprehensive investigation on the claim. A valid claim will result in the surety offering a payout of the full bond amount or less to the claimant. You are responsible, as the principal of the bond, for repaying the surety back in full.

Types of Mortgage License Bonds

Depending on the state you operate your business and the type of license you require, you may need a surety bond.

There is a bond for each type of licensee.

Mortgage Broker Bond

Mortgage Lender Bond

Mortgage Originator Bond

Mortgage Servicer Bond

Each state has different licensing requirements tied to the type of mortgage license you’re working towards. The best way to determine if you’ll need a Surety Bond is to contact your state’s licensing department. Or, you may lookup your state’s licensing requirements using the Nationwide Multistate Licensing System & Registry (NMLS) website. Also, we’ve created an interactive form to determine if you need a bond and if so, what bond amount is necessary.

How much does a Mortgage Surety Bond cost?

Both your credit and bond amount factor into calculating the cost of your Mortgage Surety Bond. As expected, the more risk the surety is taking on, the more premium is tied to the bond. However, applicants with good credit generally only pay 1%-3% of the total bond amount.

Can I qualify for a Surety Bond with bad credit?

Yes, you can receive approval for your Mortgage Surety Bond even with bad credit. Due to our partnerships with leading surety companies, we’re able to place applicants with non-standard credit. Since more risk is involved, non-standard quotes tend to fall in the 5%-15% of the full bond amount, if the applicant is approved.

If your bond requires a credit check, we will perform a soft-pull on your credit. Your credit score is not adversely impacted by a soft-pull.

Get a custom quote for your Mortgage Bond, today!

Where to get the best deal for my bond?

Our team at Surety Solutions, A Gallagher Company makes the process of getting a Mortgage Surety Bond quick and easy. Get multiple quotes from top surety companies to ensure you find the best deal for your bond. We’re licensed to issue bonds in every state.

We’ll help you get a single Mortgage Bond or a bond in every state.

We are proud of what we have done for the mortgage industry. We were the first licensed surety bond producer that was authorized in the NMLS to issue Electronic Surety Bonds. We care about making the industry a better, more efficient space.

When it comes to Mortgage Bonds, we help businesses of all sizes secure what they need. We are proficient in utilizing our resources and relationships so we can be competitive with any mortgage bond product. We hope you’ll partner with us and allow us to be part of your story.

Have a question? Our team of surety experts is excited to help! Send us an email to info@suretysolutions.com, use our contact form or give us a call at (866) 722-9239. We look forward to issuing your Mortgage Bond.

Additional Resources

Find Your Bond Amount

Make sure you get your bond for the correct amount by checking with our calculator here.

Avoid Claims on Your Bond

How to avoid claims on your Mortgage Bond.

NMLS ESB Resource Center

Everything you need to know about the Electronic Surety Bond (ESB) process.

Looking for another bond type?

View bonds for your state using the map below.