The Rhode Island Loan Servicer Bond is required by the Department of Business Regulation. The base bond amount is $50,000. The bond must increase by $10,000 if they maintain 4-7 branches. If they have more than 8 locations, the bond must be increased by $25,000.
Who needs to have a Loan Servicer Bond?
This is a requirement for all who are getting a Third-Party Loan Servicer license. This license is required of any company or sole proprietorship that directly or indirectly, engages in the business of servicing a loan secured by residential real estate located in Rhode Island for a personal, family or household purpose, owed or due or asserted to be owed or due to another.
What are other licensing requirements?
Aside from the Rhode Island Loan Servicer bond and payment of all the fees totaling $1,750, applicants must also meet or submit the following requirements:
- Completed form
- Credit report
- Disclosure questions
- Financial statements
- Certificate of Authority or Good Standing Certificate
- FBI Criminal Background Check
- Anti-money laundering procedures
- Financial statements of legal entities that directly own applicant
- Business plan
- Insurance Claim Check Endorsement
Applicants must go through the Nationwide Multistate Licensing System & Registry (NMLS).
How do I obtain a Rhode Island Loan Servicer Bond?
Contact Surety1 today for all your surety bond needs. We have been issuing surety bonds in Rhode Island since 2003. Not only do we offer the lowest rates due to our partnership with over a dozen surety companies, but we can also assure the fast processing of your surety bond application.
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 for the bond premium. Once you decide to move forward with us, you just need to pay the bond premium and choose your shipping options. You may choose to have your Rhode Island Loan Servicer Bond mailed through USPS Priority Mail or overnight delivery.
Surety1 caters to all 50 states and we even have an A+ rating from the Better Business Bureau.
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.