Alabama Mortgage Broker Bond
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What Is an Alabama Mortgage Broker Bond?
Alabama mortgage brokers must file a bond to become licensed under the Alabama Mortgage Brokers Licensing Act, Consumer Credit Act, and Safe Mortgage Licensing Act. The bond protects the public from potential regulation violations or fraud by their mortgage broker.
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide.
How Much Do Mortgage Broker Bonds Cost?
Mortgage broker bonds in Alabama are based on the volume of residential loans closed in the previous year. Premium rates are typically 0.75–3% of the total bond amount. Apply now for an exact quote:
SuretyBonds.com works with the nation’s top surety providers to find the lowest pricing with no added fees.
How Do I Get a Mortgage Broker Bond in Alabama?
Choosing SuretyBonds.com is the quickest and easiest way to get your Alabama Mortgage Broker Bond. Just follow these four steps:
- Step 1: Apply for your bond online
- Step 2: Receive a free quote within one business day
- Step 3: Pay for your invoice online or over the phone
- Step 4: File the original bond form with the Alabama State Banking Department
You’ll receive your official bond via email immediately after purchasing!
How Do I Renew My Alabama Mortgage Broker Bond?
Alabama mortgage broker bonds expire annually on December 31. A SuretyBonds.com representative will contact you in advance to renew your bond for another term. These bonds remain active unless canceled by the surety or principal with 60-day’s written notice to the State of Alabama.
How to Become a Licensed Mortgage Broker in Alabama
In order to work as a mortgage broker in Alabama, you must be licensed by the Bureau of Loans. Complete the following steps to get your Alabama mortgage broker license:
- File a surety bond in the proper amount.
- Complete the NMLS new application checklist
- Submit all forms and fingerprints through NMLS
- Submit the $700 application fee
The Alabama State Banking department may require you to submit additional information for license issuance.
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