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Kansas Supervised Lender or Mortgage Company Bond

Bond Requirements and Online Application

The Kansas Supervised Lender/Mortgage Company Bond is required by the Office of the State Bank Commissioner of Kansas.

Kansas Supervised Lender/Mortgage Company Bond

Any entity applying to become a licensed supervised lender or licensed mortgage company must be bonded in order to establish, meet, and maintain financial responsibility requirements outlined by the State Bank Commissioner. The Kansas Supervised Lender/Mortgage Company Bond ensures that the supervised lender or mortgage company will conduct business in compliance with the Uniform Consumer Credit Code, Kansas Statutes Annotated 16a-1-101 and/or the Kansas Mortgage Business Act, Kansas Statutes Annotated 9-2201. The bond also guarantees financial compensation for valid claims of injury by a third party due to the Principal’s noncompliance.

Individuals who engage in mortgage business (such as loan originators) on behalf of a single licensed mortgage company or supervised lender from locations licensed to conduct activity in Kansas may also be covered by this bond.

The required amount of the Kansas Supervised Lender/Mortgage Company Bond depends on whether or not the license applicant maintains a Kansas bona fide office.

According to the National Mortgage Licensing System, a Kansas bona fide office:

  1. Is located in Kansas
  2. Is not located in a personal residence
  3. Has regular hours of operation
  4. Is accessible to the public
  5. Is leased or owned by the licensee and serves as an office for the transaction of the licensee’s mortgage business
  6. Is separate from any office of another registrant
  7. Provides access to all of the licensee’s books, records, and documents

For applicants maintaining a Kansas bona fide office:

  • The required bond amount is $50,000 if the applicant originated or made between $0 and $50,000,000 in the previous calendar year.
  • The required bond amount is $75,000 if the applicant originated or made more than $50,000,000 in the previous calendar year.

For applicants NOT maintaining a Kansas bona fide office: 

  • The required bond amount is $100,000 if the applicant originated or made between $0 and $50,000,000 in mortgage loans in the previous calendar year.
  • The required bond amount is $125,000 if the applicant originated or made more than $50,000,000 in mortgage loans in the previous calendar year.

The Kansas Supervised Lender/Mortgage Company Bond is continuous in nature; therefore, it remains in full force and effect until canceled by the Surety. The Surety must provide the Principal and the Office of the State Bank Commissioner with a notice of cancellation at least 30 days prior to the effective cancellation date.

License Fees and Requirements:

  • Surety bond
  • $750 license cost (including the NMLS processing fee)
  • Company Form (MU1)
  • Credit Report
  • Disclosure Questions
  • Formation Document
  • Business Plan
  • Organizational Chart
  • Financial Statements proving a minimum net worth of $50,000
  • MU2 Individual FBI Criminal Background Check

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

CLICK HERE for additional licensing information from the Office of the State Bank Commissioner of Kansas.

APPLY for your Kansas Supervised Lender/Mortgage Company Bond today!

How to Get Your Kansas Supervised Lender or Mortgage Company 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 Kansas Supervised Lender or Mortgage Company Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
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