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 Code , a mortgage broker is a person who:
- Negotiates, arranges, or solicits a mortgage loan on behalf of a borrower for compensation.
- Holds himself or herself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan.
- 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 Obtain a Delaware Mortgage Loan Broker Surety Bond
At Surety1.com, we make it easy to obtain your surety bond.
- Complete our easy to navigate, online application.
- Receive your free, no obligation quote from one of our professional surety bond agents (usually within 1 business day).
- Sign some paperwork and make payment (all major credit cards accepted)
- Your bond will be delivered to you for the necessary signature prior to it being uploaded to the NMLS.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003.
Click here to visit our state-by-state guide to mortgage industry bonds