The Utah Mortgage Loan Originators Bond is required by the Utah Department of Financial Institution. The bond is in place to reimburse the state for any expenses they may incur. Expenses resulting from proceedings against a current or former licensee.
What is the bond amount?
Requirements are based on the the annual origination volume during the prior calendar year. The sum amounts of all loans originated, arranged, booked, brokered, funded or otherwise included in the individuals personal loan production.
- $12,000 – for volume up to $5 million
- $25,000 – $5 million to $15 million
- $50,000 – over $15 million
Who needs a Utah Mortgage Loan Originators bond?
An individual who takes a mortgage loan application must be licensed if they are compensated. In addition, if they negotiate a term for a residential mortgage loan. The Utah Loan Originators Bond is one of the licensing requirements.
What are other licensing requirements?
- Applicants must file through the NMLS website
- Complete 20 hours of NMLS-approved pre-licensure education
- Pass required test
- NMLS Initial processing fee $30
- Utah-DFI License/Registration fee $200
- Credit report – $15
- FBI Criminal Background check – $36.25
Where can I get a Utah Mortgage Loan Originators Bond?
At Surety1.com we make it easy to obtain your surety bond.
- Apply using our easy to navigate, secure online application.
- Obtain your free, no obligation quote form one of our professional agents.
- Make payment (all major credit cards accepted) and sign some paperwork
- Your Utah Mortgage Loan Originators Bond will be delivered to you.
If you have any questions along the way, our agents are available Monday – Friday, 8am to 4:30 pm Pacific time. Toll free (877)654-2327.
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. We also maintain an A+ rating from the Better Business Bureau.
Click here to visit our state-by-state guide to mortgage industry bonds