The Ohio Mortgage Lending Act Bond is a type of surety bond and is required by the Ohio Department of Commerce, Division of Financial Institutions. This license is required for non-exempt persons engaging in mortgage lending, mortgage brokering, or mortgage servicing as defined in O.R.C. Chapter 1322. The Ohio Mortgage Broker Act Surety Bond ensures that the principle (licensee) 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 license application is filed with the Nationwide Mortgage Licensing System (NMLS). The license authorizes the following activities within the state of Ohio:
Ohio issues PDF licenses by email for this license type.
Note, it is the responsibility of the mortgage company to ensure the bond is current and accurate at all times throughout licensure. If any changes are required in the bond, the company must contact the agent that provided the surety bond. Surety1.com provides a simple, online portal to request changes in your surety bond. The Ohio Mortgage Lending Act Bond amount varies by the amount of mortgage originations conducted in the state and is as follows:
|Amount of Mortgage Originations||Surety Bond Amount|
|$0.00 to $10,000,000.00||$50,000|
|$11,000,000.00 to $12,000,000.00||$60,000|
|$13,000,000.00 to $14,000,000.00||$70,000|
|$15,000,000.00 to $16,000,000.00||$80,000|
|$17,000,000.00 to $18,000,000.00||$90,000|
|$19,000,000.00 to $20,000,000.00||$100,000|
|$21,000,000.00 to $22,000,000.00||$110,000|
|$23,000,000.00 to $24,000,000.00||$120,000|
|$25,000,000.00 to $26,000,000.00||$130,000|
|$27,000,000.00 to $28,000,000.00||$140,000|
|$29,000.000.00 to $30,000.000.00||$150,000|
|$30,000,000.00 or more||$150,000|
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. While the bond is filed electronically with the NMLS, a Surety Bond Declaration and Company Resolution must be manually uploaded to the NMLS. Company Resolution is not necessary for sole proprietors, mortgage loan originators, or if the designee is on file as having previously been given authority to submit documents on behalf of the company.
All licensing fees are required by the obligee, not the surety company.
At Surety1.com we strive make it easy to apply for this surety bond:
That’s it. Surety1.com represents over a dozen surety companies to provide the bond at a competitive rate. Once these 3 steps have been completed your bond will be filed electronically with the NMLS.
1 The name of the applicant on the surety bond application must match exactly the Full legal business name of applicant for the license.
2 Occasionally, additional underwriting information will be required by the surety companies prior to providing a quote. Your professional bond agent will assist with this request.
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. We also maintain an A+ rating from the Better Business Bureau.