The Delaware Mortgage Lender Bond is required by the Office of the State Bank Commissioner.
According to Section 2208, Title 5 of the Delaware Code, every applicant must file a surety bond with the State Bank Commissioner in order to become a licensed Mortgage Lender in the State of Delaware.
The required bond amount is between $50,000 and $200,000 as determined by the Commissioner based on:
- The dollar value of the lender’s Delaware business
- The dollar value of advance fees collected by the lender
- The periods for which such fees are held before a loan is funded and
- Such other and further criteria as the Commissioner may deem necessary and appropriate
Complete our online easy application and get a free quote on your Delaware Mortgage Lender Bond!
The Delaware Mortgage Lender Bond ensures the licensee’s faithful compliance with Chapter 22, Title 5 of the Delaware Code. The bond also protects the State and guarantees compensation for clients who are injured by any wrongful act, omission, default, fraud or misrepresentation by the licensee. The term of the bond is either equal to the license period or continuous. If the term of the bond is continuous, the bond remains in full force and effect until cancelled. The bond may be cancelled by the Surety at any time with written notice to the Commissioner at least 30 days prior to the effective cancellation date.
Access our Mortgage Industry Bond Application HERE!
License Requirements and Fees:
- Surety Bond
- Other Trade Names
- Resident / Registered Agent
- Bank Account
- Qualifying Individual
- Credit Report
- Contacts Employees
- Disclosure Questions
- Financial Statements
- Business Plan
- Certificate of Authority / Good Standing Certificate
- Document Samples
- Management Chart
- Organizational Chart / Description
- Supervisory Assessment Disclosure
- Contacts Employees
- FinCen Disclosure
- Business Survey
All fees are required by the Obligee, not the Surety Company.
CLICK HERE for more licensing information from the State of Delaware Bank Commissioner.
APPLY TODAY for your Delaware Mortgage Lender Bond!