The Arkansas Mortgage Bankers Surety Bond is required by State of Arkansas Securities Department.
According to the Arkansas Fair Mortgage Lending Act (Arkansas Code 23-39-5) a “mortgage banker” is defined as a person who engages in the business of making mortgage loans for compensation or other gain. In order to become a licensed mortgage banker in the State of Arkansas all applicants must submit an Arkansas Mortgage Banker Surety Bond with the Securities Commissioner. The bond ensures that the Principal will comply with the provisions of the Fair Mortgage Lending Act. The bond also guarantees financial compensation for any person injured by wrongdoing of the Principal.
Apply here for your Arkansas Mortgage Banker Surety Bond today!
The required bond amount depends on the applicant’s mortgage loan activity during the previous year:
- If the loan activity is less than or equal to $10,000,000, the required bond amount is $100,000.
- If the loan activity is between $10,000,001 and $25,000,000, the required bond amount is $150,000.
- If the loan activity is over $25,000,000, the required bond amount is $200,000.
Click here to access our fast and easy Mortgage Industry bond application!
The Arkansas Mortgage Bankers Surety Bond is in full force and effect during the period of licensure; however, the bond may be cancelled at any time by the Surety with 60 days written notice to the Securities Commissioner.
Licensing Fees and Requirements:
- Surety Bond
- Financial Statements
- Secretary of State Documentation
- Certificate of Authority
- Other Trade Names
- Disclosure Questions
All licensing fees are required by the obligee, not the surety company.
CLICK HERE to for the forms and bond requirements from the Arkansas Securities Department
APPLY for your Arkansas Mortgage Banker Surety Bond today!
Click Here to Visit our State by State Guide to Mortgage Industry Bonds
How to Get Your Arkansas Mortgage Bankers Surety Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
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