The Utah Escrow Agency Bond is required by the Utah Department of Financial Institutions for those who would like to perform escrow services in the state. The bond guarantees that the bondholder will abide by the provisions of the Utah Residential Mortgage Practices Act and all laws made by the Utah Division of Real Estate and shall honestly and pay when due all money owed to the Utah Division of Real Estate.
Please refer to the table below for the amount that needs to be paid:
Surety Bond Requirements Table
If Monthly Avg. Escrow Liability is: Then Bond Requirement is:
Up to $10,000 $10,000
$10,001 – $20,000 $20,000
$20,001 – $30,000 $30,000
$30,001 – $40,000 $40,000
Above $40,000 $50,000
The application for registration is done through the NMLS website. In addition to the surety bond, the following must also be submitted:
- Payment of $100 for the license/registration fee
- Submission of Company Form MU1
- Financial statements
- Bank account information
- Disclosure questions
- Control Person Attestation
- Credit report
- Certificate of Authority/Good Standing Certificate
The location of authorized agents, business relationship and average monthly escrow liability must also be submitted to the UT-DFI.
How do I obtain a Utah Escrow Agency Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.