The Arkansas Mortgage Servicer Bond is required by the State of Arkansas Securities Department.
According to the Arkansas Fair Mortgage Lending Act (Arkansas Code 23-39-501 to 23-29-518) a “mortgage servicer” is a person that receives from or on behalf of a borrower:
- Funds or credits in payment for a mortgage loan or
- The taxes or insurance associated with a mortgage loan
In order to become a licensed mortgage servicer in the State of Arkansas all applicants must submit an Arkansas Mortgage Servicer 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 Servicer 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 Servicer 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
- 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 Servicer Bond today!