Oklahoma Mortgage Lender Bond
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What Is an Oklahoma Mortgage Lender License Bond?
Oklahoma Legislative Statute § 59-2095.11.1. requires all mortgage lenders to file a surety bond for $100,000 before they can get licensed in the state. The bond guarantees the lender works in agreement with the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.
If a mortgage lender violates the bond terms and consumers are harmed as a result, the surety will cover damages up to the full bond amount. The principal must reimburse the surety for any damages paid out.
How Much Does a Mortgage Lender License Bond Cost in Oklahoma?
The premium rate for a $100,000 Oklahoma mortgage lender bond starts at $1,000. Your exact price will vary based on credit score. Apply below for a personalized quote.
How Do Oklahoma Mortgage Lender License Bonds Work?
Oklahoma mortgage lender bonds safeguard customers from unethical acts, including:
- Defrauding or misleading borrowers and lenders
- Obtaining property by fraud or misrepresentation
- Failing to disclose information required by state law
- “Bait and switch” mortgage advertising
- Collecting or charging any prohibited fees
How Do You Get an Oklahoma Mortgage Lender Bond?
Select the bond and provide your name and county for Department of Consumer Credit Licensing Department filing approval to buy it securely online. Once you purchase, we'll deliver your official bond documents via email and file with the NMLS.
How Fast Can I Get an Oklahoma Mortgage Lender Surety Bond?
We offer free quotes and deliver Oklahoma surety bond quicker than any other surety company. If you submit your request during business hours, we can typically get your quote back to you in the same day.
How Do Oklahoma Mortgage Lenders Renew Your License?
The mortgage lender license in Oklahoma operates on one-year terms. To renew your license, you must fill out the license renewal documents and submit them through NMLS before December 1st.
How Do I Update My Mortgage Lender Bond Form?
If the Department of Consumer Credit requires your bond form to updated for any reason, contact your surety company and explain the needed change. If you purchased your bond from SuretyBonds.com, email [email protected].
How Do I Renew My Oklahoma Mortgage Lender Bond?
The Oklahoma mortgage lender surety bond should be renewed when the state-issued 1-year-term expires. Once you pay your SuretyBonds.com renewal invoice, we'll email renewal instructions to keep your bond active for your next license term.
How Do I Get My Mortgage Lender License in Oklahoma?
To become a licensed mortgage lender in Oklahoma, complete the following steps:
- Complete all documents and requirements on the Mortgage Lender License New Application Checklist.
- File a $100,000 electronic surety bond.
- Pay all the required licensing fees.
- NMLS licensing fee: $710
- Application fee: $950
- NMLS processing fee: $100
- Credit report: $15 per individual
- FBI background check: $36.25 per individual
The Oklahoma Department of Consumer Credit Licensing Department enforces licensing regulations for mortgage lenders in the state. You can contact their office by phone at 1 (405) 521-3653 or by email at [email protected].
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
