Maryland Mortgage Lender Bond

The Maryland Mortgage Lender Bond is required by the Maryland Commissioner of Financial Regulation.

According to the National Mortgage Licensing System, the principal executive office of any person who is a mortgage broker, mortgage lender, and/or a mortgage servicer must file a bond with the Maryland Commissioner of Financial Regulation in order to be licensed in the State of Maryland. The bond ensures financial compensation for any mortgage loan borrower who has been damaged by a violation of any law or regulation governing the business dealings of mortgage lenders, especially the Maryland Mortgage Lender Law, Section 11-508 of the Maryland Code.

The required amount of the Maryland Mortgage Lender License depends on the volume of mortgage business performed by the principal executive office:

• If the business volume is under $3,000,000, the minimum required bond amount is $50,000.
• If the business volume is between 3,000,000 and $10,000,000, the minimum required bond amount is $100,000.
• If the business volume is over $10,000,000, the minimum required bond amount is $150,000.

The Maryland Mortgage Lender Bond is continuous in nature; therefore, it will remain in full force and effect until cancelled by the Surety with written notice to the Principal and Obligee at least 30 days prior to the date of cancellation.

License Fees and Requirements:

• Surety bond
• Minimum net worth of $25,000
• FBI Criminal Background Check
• Financial Responsibility/Credit Worthiness
• Qualified Individual
• Entity Specific Documents
• Certificate of Authority/Good Standing Certificate
• Trade Name Certificate

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

CLICK HERE for more licensing information from the National Mortgage Licensing System

APPLY for your Maryland Mortgage Lender Bond today!