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Ohio Mortgage Broker Act Surety Bond
Bond Requirements and Online Application
The Ohio Mortgage Broker Act Surety Bond is required by the Ohio Department of Commerce, Division of Financial Institutions.
The Ohio Mortgage Broker Act Surety Bond ensures that the principle will abide by Ohio state laws and regulations, especially the provisions outlined by the Ohio Mortgage Broker Act, Truth in Lending Act, and National Mortgage Lending System.
The the bond amount should be 0.5% of the bond holder’s loan volume originated in the preceding calendar year.
The bond amount must be between $50,000 and $150,000.
$10,000 must be added to the bond amount for each branch location in excess of the one at which the principal proposes to conduct business.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Valid: 1 year – Expires December 31st – Renewable
Licensing Fees and Requirements:
Pass an exam
$600 licensing fee
Independent credit report
Personal history and experience
All licensing fees are required by the obligee, not the surety company.
How to Get Your Ohio Mortgage Broker Act Surety 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 Ohio Mortgage Broker Act Surety 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