Delaware Mortgage Loan Broker or Originator Bond
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How Much Do Delaware Mortgage Loan Broker Bonds Cost?
Mortgage loan brokers in Delaware must purchase a $25,000 surety bond. Pricing starts at $187.50 for highly qualified applicants. However, your exact rate can range from 0.75–5% of the bond total based on credit score. Ask about premium financing options if poor credit adversely affects your quote.
How Much Do Mortgage Loan Originator Bonds Cost?
Pricing for Delaware mortgage loan originator bonds typically ranges from 0.75% to 5% of the bond amount. Verify your bond requirement with the Office of the State Bank Commissioner based on your annual loan volume. Then, apply for a personalized quote:
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide.
What Is a Delaware Mortgage Loan Broker Bond?
Mortgage loan broker and loan originator bonds are legal requirements to do business in Delaware. By filing these bonds, licensed mortgage lenders pledge to conduct business according to all applicable state laws and regulations.
How Do I Get a Delaware Mortgage Broker Bond?
With SuretyBonds.com, you can get your Delaware mortgage loan broker or originator bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Checkout on our secure, online portal
Once you checkout, we'll mail your official bond documents. Sign and submit your bond form to the Office of the State Bank Commissioner.
How Do Delaware Mortgage Broker/Loan Originator Bonds Work?
Delaware mortgage lender surety bonds create a contract between three parties:
- Principal: The mortgage broker/originator who purchases the bond
- Surety: The company that issues the bond to the principal
- Obligee: The state department that requires the bond
If the principal violates the bond terms and a consumer is harmed, the surety will pay for all damages up to the full bond amount. The principal is then responsible for reimbursing the surety.
How Do I Renew My Bond?
Delaware mortgage loan broker/originator bonds remain continuous until canceled. Simply pay your renewal invoice at the end of each term to maintain your bond coverage. To cancel a bond, the principal or surety must send 30-day’s written notice to the Commissioner.
How to Get a Mortgage Lender License in Delaware
Mortgage brokers and loan originators in Delaware must be licensed and bonded with the Office of the State Bank Commissioner. Use the NMLS checklists below to complete all the requirements for the Delaware mortgage license you need:
- NMLS: DE Mortgage Loan Broker License New Application Checklist (Company)
- NMLS: DE MLO License New Application Checklist (Individual)
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