The Texas Mortgage Loan Servicer Bond is required by the Texas Department of Savings and Mortgage Lending. The bond states that the bond principal must follow all rules and regulations under the Texas Mortgage Broker License Act. This bond must be written for, in favor of, and payable to the State of Texas and the people of the State of Texas.
What is a Texas Mortgage Loan Servicer Bond?
The Commissioner of the Department of Savings and Mortgage Lending requires the bond be in the amount $25,000, for servicing volumes of <$25,000,000 or $50,000, for servicing volumes of >$25,000,000. The Mortgage Loan Servicer bond is one of the requirements for those applying for a Mortgage Loan Originator license. You only need to pay a portion of the surety bond. Complete our online application for a free, no obligation quote.
Who is required to registered as a loan servicer?
A Residential Mortgage Loan Servicer is any person/entity who:
- Receives scheduled payments from a borrower under the terms of a residential mortgage loan, including amounts for escrow accounts.
- Makes the payments of principal and interest to the owner of the loan or other third party,
- Makes any other payments with respect to the amounts received from the borrower as may be required under the terms of the servicing loan document or servicing contract.
How do I get this bond?
At Surety1.com our simple to obtain your Texas Mortgage Loan Servicer Bond. Our 3 step process for obtaining a surety bond is as follows:
- Complete our easy to use and totally secure, online application.
- Receive your free, no obligation quote from one of our professional surety bond agents, usually within 1 business day.
- Sign some paperwork and make payment (all major credit cards accepted).
Once these simple steps are completed your bond will be shipped to you for signature via traceable mail. Overnight delivery is also available.
Surety1 has partnered with over a dozen “A” rated surety markets to assure you will receive a competitive quote for your bond. We have friendly agents who are willing to answer all your queries and provide you with excellent service.
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 and carries A+ rating from the Better Business Bureau.
Click Here to Visit our State by State Guide to Mortgage Industry Bonds