The Oregon Mortgage Lender Bond is a type of surety bond and is required by the Oregon Department of Insurance and Finance, Division of Finance and Corporate Securities. The license administration and application is processed through the Nationwide Mortgage Licensing System (NMLS) and the required surety bond is filed electronically with the NMLS. The Mortgage Lender License is required of:
- Companies that assist persons in obtaining an Oregon residential mortgage loan.
- Companies who make Oregon residential mortgage loans.
- Companies who offer to sell or sell residential real estate paper or accept funds for investment in real estate paper.
The amount of the required surety bond varies (scroll down). Minimum bond amount is $50,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get an Oregon Mortgage Lender Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, 3 step process is as follows:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Oregon Mortgage Lender Bond will be filed electronically by Surety1 directly 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 – Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
The Oregon Mortgage Lender Bond is just one of the requirements to obtain the license. The Oregon Mortgage Lender License requirements can be found here.
How do I determine what amount the surety bond should be?
The exact amount depends on the volume of loans originated.
- Less than $10 million = $50,000
- $10 million but less than $25 million = $75,000
- $25 million but less than $50 million = $100,000
- $50 million but less than $100 million = $150,000
- More than $100 million = $200,000
Click Here to Visit our State-by-State Guide to Mortgage industry Surety Bonds