License & Permit
Mortgage Broker Bond
A mortgage broker bond is a surety bond mortgage brokers and lenders must post to get a state license, usually through NMLS.
- Required by
- State banking or financial regulators (Alabama State Banking Department; Florida Office of Financial Regulation), filed through NMLS
- Bond amount
- Set by whoever requires the bond. We confirm it.
What this bond guarantees
The bond runs to the state for the benefit of anyone harmed by the licensee. It promises compliance with state mortgage lending laws. Claims arise from things like misrepresenting loan terms, collecting fees improperly, or breaching a borrower agreement.
Who needs it
- Mortgage brokers
- Mortgage lenders and servicers
- Consumer credit lenders in some states
What the underwriter looks at
- Prior-year loan volume, which often sets the bond tier
- Owner credit and net worth
- Regulatory history
Requirements vary by state and by who asks for the bond. Send us the request you received and we will confirm exactly what it calls for.
Common questions
How much is the Alabama bond?
Alabama sets the bond by the prior year's loan volume. A bond broker reports tiers of $25,000 up to $25 million in volume, $50,000 up to $100 million, and $75,000 above that. Confirm on the NMLS state requirements checklist.
Do I file the bond through NMLS?
Most states accept electronic surety bonds through NMLS. Some still require a paper original, so check your state's NMLS checklist.