Ohio Mortgage Broker Act Surety Bond

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:

• Surety bond
• Business office
• 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.

CLICK HERE for additional licensing information from the State of Ohio Department of Commerce.

APPLY for this bond and get a free quote here