North Dakota Residential Mortgage Lender License Bond
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How Much Do North Dakota Mortgage Lender Bonds Cost?
The price of a $50,000 North Dakota residential mortgage lender license bond starts at $500. Our underwriters will determine your exact premium once you apply. With a good credit score, you can expect to pay 1–2% of the bond amount.
Apply for a free quote below:
If you work as a mortgage professional in multiple states, we offer mortgage industry license bonds nationwide.
How to Get a Residential Mortgage Lender License Bond
With SuretyBonds.com, you can get your North Dakota mortgage lender 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.
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records.
What Is a North Dakota Mortgage Lender License Bond?
North Dakota Century Code Chapter 13-12 requires prospective mortgage brokers and lenders to file a surety bond as part of the state licensing process. The surety bond contract holds mortgage lenders financially liable for complying with all state laws and regulations.
Who Needs a North Dakota Mortgage License Bond?
Anyone engaged in residential mortgage lending in North Dakota must file a surety bond and apply for a mortgage lender license. This license authorizes the following activities:
- First mortgage brokering/lending
- High cost home loan brokering/lending
- Home equity lending/lines of credit brokering/lending
- Reverse mortgage brokering/lending
- Second mortgage brokering/lending
If you fail to follow state mortgage laws and harm consumers, the surety company will pay out valid claims up to the full bond amount. You must then reimburse the surety.
How to Become a Licensed Residential Mortgage Lender in North Dakota
The North Dakota Department of Financial Institutions enforces licensing requirements for financial services lenders and brokers in the state. The Nationwide Mortgage Licensing System (NMLS) manages application submissions on behalf of the state.
Use the NMLS Residential Mortgage Lender License Application Checklist to meet all the licensing requirements. Take the first step by applying for your surety bond today!
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Call 1 (800) 308-4358 to talk with a Surety Expert today.
