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Alabama Mortgage Broker Surety Bond

Bond Requirements and Online Application

The Alabama Mortgage Broker Surety Bond is required by the Alabama State Banking Department under the Alabama Consumer Credit Act, Safe Mortgage Licensing Act, and Mortgage Brokers Licensing Act.

CLICK HERE to complete our online application and receive a free quote on your Alabama Mortgage Broker Surety Bond!

With the Alabama Mortgage Broker Surety Bond, clients are protected against the broker for:

  1. Failing to make disclosures
  2. Collecting or charging any prohibited fee
  3. Intentionally obtaining property fraudulently
  4. Failing to comply with state laws
  5. Not accounting for mortgage loan transaction monies

    Alabama Mortgage Broker Surety Bond

Alabama Mortgage Broker Surety Bond amounts are determined by loan volume in the previous year through the State of Alabama Banking Department. 

  • Loan volumes between $0 – $25,000,000 require a minimum $25,000 surety bond
  • Loan volumes between $25,000,001 – $100,000,000 require a minimum $50,000 surety bond
  • Any loan volume over $100,000,000 requires a minimum $75,000 surety bond

Valid: 1 year – expires December 31st – Renewable

The price for the Alabama Mortgage Broker Surety Bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for an Alabama Mortgage Broker Surety Bond to ensure the bond amount is correct. If the bond is to be cancelled, the obligee must be given a notice of at least 60 days before the bond cancellation date.

APPLY for your Alabama Mortgage Broker Surety Bond today!

Alabama Mortgage Broker Licensing Fees and Requirements:

  • Surety bond in an amount determined by the State of Alabama Banking Department
  • Criminal background check
  • Certificate of Authority from the Secretary of State of Alabama
  • Non-refundable $600 application fee per location or $500 license renewal fee per location
  • Qualifying Individual: each applicant needs at least one person with two or more years of experience in the mortgage industry

All licensing fees are required by the obligee, not the surety company. Applicants must submit their license application to the Supervisor of the Bureau of Loans.

For additional licensing information, visit the Alabama State Banking Department website here.

To apply for this bond and get a free quote, click here.

How to Get Your Alabama Mortgage Broker Surety Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Alabama Mortgage Broker Surety Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days

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