The Delaware Mortgage Loan Originator Surety Bond is required by the State of Delaware, Office of the state Bank Commissioner. The bond is in place to protect the office and any person injured by a wrongful act, default, fraud or misrepresentation of a mortgage loan originator. The surety bond for an applicant for an initial license shall be a minimum of $25,000. The surety bond for a licensed mortgage loan originator shall be in a minimum amount in accordance with the following table based upon the volume of Delaware mortgage loans which that licensee originated for the year ending December 31 that precedes the effective year of the license.
If you wish to legally engage in negotiating the terms of a residential mortgage loan, you will need to obtain a Mortgage Loan Originator License through the Nationwide Mortgage Licensing System (NMLS), as stated in Title V of the Delaware Banking Code.
In this application you will need to submit a personal history and experience form, an independent credit report, and any information related to any administrative, civil or criminal findings. There is also a $250 investigation fee and a $250 licensing fee. Finally you will be required to obtain a Delaware Mortgage Loan Originator Surety Bond and have it uploaded onto the NMLS database.
The amount that the bond needs to cover will depend on the annual volume of DE mortgage loans the company issues. You will need to refer to the following table:
|Annual Volume of Delaware Mortgage Loans||Minimum Required Amount of Surety Bond|
|not more than $11,000,000||$25,000|
|$11,000,001 – $23,000,000||$50,000|
|$23,000,001 – $35,000,000||$75,000|
|$35,000,001 – $47,000,000||$100,000|
|$47,000,001 – $59,000,000||$125,000|
|$59,000,001 – $71,000,000||$150,000|
|$71,000,001 – $83,000,000||$175,000|
|$83,000,001 and over||$200,000|
To get started, all you need to do is fill out our easy to navigate online application form. The application will only take a few minutes, then one of our licensed agents will contact you within 24 hours with a free, no-obligation quote for your bond. After you have remitted the premium payment and signed any necessary paperwork, your bond will be shipped to you via USPS priority mail, with overnight shipping options also available.
Surety1 has been writing bonds in Delaware since 2003. Our surety experts provide fast and friendly service, maintaining our A+ rating by the Better Business Bureau.