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Delaware Mortgage Loan Broker Surety Bond

Bond Requirements and Online Application

The Delaware Mortgage Loan Broker Surety Bond is required by the Office of the State Bank Commissioner.

According to Section 2101, Title 5 of the Delaware CodeDelaware Mortgage Loan Broker Surety Bond, a mortgage broker is a person who:

  1. Negotiates, arranges, or solicits a mortgage loan on behalf of a borrower for compensation.
  2. Holds himself or herself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan.
  3. Holds himself or herself out as being able to serve as an agent to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not an employee or agent of the lender).

The required amount of the Delaware Mortgage Loan Broker Surety Bond is $25,000.

This bond ensures that the licensee will faithfully comply with the provisions of Chapter 21, Title 5 of the Delaware Code. The bond protects consumers from injury caused by any wrongful act of the licensee during his or her practice as a mortgage broker. If injury occurs due to the noncompliance of the licensee, the harmed party may file a claim against the bond for financial compensation.

The Delaware Mortgage Loan Broker Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety giving 30 days written notice thereof to the Principal and the Office of the State Bank Commissioner.

Licensing Fees and Requirements:

  • Surety bond
  • Minimum $40,000 capital
  • Written Broker’s agreement (between company and borrower) that complies with Commissioner’s Regulation 2104.
  • License cost of $850 (including the NMLS processing fee)
  • Qualifying Individual
  • Credit Report
  • Disclosure Questions through NMLS
  • Unaudited financial statement
  • Business Plan
  • Certificate of Authority/Good Standing Certificate

All licensing fees are required by the obligee, not by the surety company.

Licenses must be renewed annually.

CLICK HERE for additional licensing information from the Delaware Bank Commissioner.

How to Get Your Delaware Mortgage Loan Broker Surety Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Delaware Mortgage Loan Broker Surety Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days

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