A New Jersey Mortgage Broker Bond is a type of surety bond and is required to obtain a license as a residential mortgage broker in the state of New Jersey. Any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application for others, or negotiates, places or sells for others, or offers to take an application for, negotiate, place or sell, residential mortgage loans in the primary market for others. Residential mortgage loans include both first and second mortgage loans on New Jersey property. While the surety bond is a requirement of the New Jersey Department of Banking & Insurance, the administration a license application is managed by the Nationwide Mortgage Licensing System (NMLS).
How to Get a New Jersey Mortgage Broker Bond
At Surety1.com we have developed a simple, three step process to obtain a New Jersey Mortgage Broker Bond:
- Complete our easy to navigate and secure online application. 1
- Receive your free, no obligation quote from one of our surety bond professional agents.2
- Sign Some paperwork and make payment (all major credit cards accepted).
Once these steps have been completed your bond will be shipped to you for signature. The original signed bond needs to be submitted to the New Jersey Department of Banking & Insurance, Licensing Services Bureau.
1.The name on the bond application must match exactly the Full Legal Name of applicant for the residential mortgage broker license.
2. Subject to surety company approval. On some occasions, additional underwriting information may be required by the surety company to obtain a firm quote. Surety1.com represents over a dozen surety bond companies to assure you will receive the best possible quote.
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.
Pre requisites to obtain the New Jersey residential mortgage broker license are:
- Tangible net worth of at least $50,000
- New Jersey Mortgage Broker Bond in the minimum amount of $150,000
- Criminal background check for owners, principals, officers, directors, partners, members and managers of LLCs, and shareholders owning 10 percent or more of business applicant.
- Identification of at least one officer, director, partner, member, owner or principal who must obtain a Qualified Individual Residential Mortgage Broker License. Individual qualifications include criminal background check, national and state testing, pre-licensure education, and credit report.
- Documentation concerning corporate, partnership, limited liability company, or sole proprietorship organization; foreign businesses require Certificate of Authority to do Business in New Jersey from NJ Division of Revenue.
- Certification of office location suitability.
Total License costs: $1,300 including the NMLS processing fee. $36.26 will be added per FBI Criminal Background Check authorization. Fees collected through the NMLS ARE NOT REFUNDABLE. This cost does not include the cost of the required surety bond. For more information, visit the Nationwide Multistate Licensing System (NMLS).