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.

See our reviews on Google:

Easiest system to use and, by far, the fastest company with providing E&O and Surety bond insurance. HIGHLY recommend!
Mortgage H.
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.
Chris L.
17:07 08 Feb 22
Excellent service; they exceeded my expectations in timeliness and professionalism.
Bridgette M. B.
Bridgette M. B.
23:24 10 Dec 21
Client services provided quick and accurate responses.
James G.
James G.
17:49 30 Nov 21
Very helpful and they respond quickly to any questions.
Eva Hammel H.
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.
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.
Ashley W.
18:25 10 Aug 21
Gerry J.
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.
Xavier A.
15:40 22 Jul 21
jerry T.
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.
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.
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.
Bonnie A.
20:39 20 May 21
Suzie T.
Suzie T.
17:14 07 May 21
Easy experience.
Tonya B.
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.
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.
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.
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.
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
MrDarryk
05:17 01 Dec 20
JP M.
JP M.
01:46 04 Nov 20
Amazing customer service and friendly and informative reps.
Obsesion H.
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.
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.
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.
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

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

How to avoid claims on your Mortgage Bond.

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.

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