The Oregon Mortgage Servicer Bond is required by the Department of Insurance and Finance in the amount of $50,000. The bond protects the State and the people of Oregon. It states that the bondholder, its agents and employees, will comply with the provisions of the Oregon Securities Law.
Who needs the Mortgage Servicer Bond?
Companies who plan to serve Oregon residential mortgage loans must be licensed with the state. The Mortgage Servicer Bond is one of the licensing requirements.
Activities authorized under this license include:
- Third party first mortgage servicing
- Third party subordinate lien mortgage servicing
- First mortgage servicing
- Master Servicing
- Subordinate lien mortgage servicing
How do I get a license?
Applications for a Mortgage Servicer license, must be filed through the Nationwide Mortgage Licensing System (NMLS). Use the NMLS website to submit the Company Form and upload required documents. Documents include a credit report for Control Persons and financial statements. FBI criminal background check and Certificate of Authority/Good standing. As well as the business plan, formation documents, and management chart.
License fees include:
- Oregon License/Registration of $960
- NMLS initial processing fee of $100
- Credit report at $15 per control person
- FBI criminal background check for MU2 individuals at $36.25 per person
How do I obtain an Oregon Mortgage Servicer Bond?
Surety1 has access to over a dozen surety markets, We will place your bond with the lowest rates available. First, start the process by completing our easy to navigate, free online application form. After that, one of our surety agents will contact you with a no-obligation quote on the bond premium. Next, we’ll collect the premium payment and have you sign the agreement. Lastly, your Oregon Mortgage Servicer Bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been writing bonds since 2003 and has maintained an A+ rating from the Better Business Bureau for its outstanding service.
Call us toll free at 877-654-2327. We have live surety bond agents available Monday – Friday, 8:00 – 4:30 PST. We’re happy to help.