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Maryland Mortgage Lender Bond
Bond Requirements and Online Application
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:
Minimum net worth of $25,000
FBI Criminal Background Check
Financial Responsibility/Credit Worthiness
Entity Specific Documents
Certificate of Authority/Good Standing Certificate
Trade Name Certificate
All licensing fees are required by the obligee, not the surety company.
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 Maryland Mortgage Lender Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days