The Alabama Mortgage Broker Bond does not protect the mortgage broker, it is not insurance. The clients of the mortgage broker are protected by this bond for:
Failing to make disclosures
Collecting or charging any prohibited fee
Intentionally obtaining property fraudulently
Failing to comply with state laws
Not accounting for mortgage loan transaction monies
What bond amount do I need?
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
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.
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.
How do I get the bond?
Surety1 makes it easy to obtain your Alabama Mortgage Broker Bond. Simply complete our easy to navigate, online application and a professional surety bond agent will contact you with a firm quote, usually within 1 business day of applying. They you will need to sign some important paperwork, make payment and your bond will be delivered via traceable ground shipping. Overnight shipping is also available.
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 Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days