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.