The Arkansas Mortgage Broker Surety Bond is required by the Securities Department of the State of Arkansas.
The Arkansas Mortgage Broker Surety Bond ensures that the principle will abide by all Arkansas state laws and regulations and helps protect the public against fraud, misrepresentation, and wrongful withholding of money deposits.
The required amount for an Arkansas Mortgage Broker Surety Bond is determined by the mortgage loan volume of the previous year:
- A loan volume of $0 – $100,000,000 requires a surety bond in the amount of $100,000.
- A loan volume between $10,000,001 – $25,000,000 requires a surety bond in the amount of $150,000.
- Any loan volume over $25,000,000 requires a surety bond in the amount of $200,000.
Valid: 1 year – Renewable
The price for the 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 the bond to ensure the bond amount is correct.
Licensing Fees and Requirements:
- Surety bond
- Application through NMLS
- Certificate of authority or good standing
- $850 licensing fee (including NMLS fee)
- Secretary of State documents
- Disclosure questions
All licensing fees are required by the obligee, not the surety company. Licenses must be renewed on December 31st of each year.
For additional licensing information, visit the Arkansas Securities Department website here.
How to Get Your Arkansas Mortgage Broker 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.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.