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State by State Guide to Surety Bonding Requirements of the Mortgage Industry
Mortgage Industry Surety Bonds are diverse. Their unique requirements vary depending on the state in which the bondholder is conducting business.
Mortgage Industry Surety Bonds protect customers against dishonest lending practices, including:
- Knowingly approving the borrower for a loan for more than they can afford to repay
- Encouraging the buyer to use fraud during the application process
- Pressuring buyers into specific loan products, including high-risk loans or loans with higher interest rates
- Establishing an interest rate on the basis of anything other than the borrower’s credit history
- Charging additional or unnecessary fees
- Deliberately targeting at-risk buyers and suggesting cash-out refinance
Apply for your Surety Bonds for the mortgage industry, All States and all Mortgage Industry Bonds
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Visit the National Mortgage License System Resource Page to learn more about individual state license requirements.
Learn more about each state’s Mortgage Industry License and Bonding Requirements:
Alabama Mortgage Broker Surety Bond
The Alabama Mortgage Broker Surety Bond is required by the Alabama State Banking Department under the Alabama Consumer Credit Act, Safe Mortgage Licensing Act, and Mortgage Brokers Licensing Act. Bond amounts are determined by loan volume in the previous year through the State of Alabama Banking Department and each approved bond is valid for one year. Apply for your Alabama Mortgage Broker Surety Bond
Alaska Mortgage Broker Surety Bond
The Alaska Mortgage Broker Surety Bond is required by the Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities. The required bond amount is usually $75,000, but may vary depending on the average amount of mortgage loans serviced in a year. The Alaska Mortgage Broker Surety Bond is valid for 3 years. Apply for your Alaska Mortgage Broker Surety Bond
Arizona Mortgage Broker Surety Bond
The Arizona Department of Financial Institutions requires the Arizona Mortgage Broker Surety Bond. The required bond amount is $10,000 for licensees whose investors are limited solely to institutional investors and $15,000 for licensees whose investors include any non-institutional investors. The Arizona Mortgage Broker Surety Bond remains in full force and effect until the Surety cancels the bond. Apply for your Arizona Mortgage Broker Surety Bond.
Arizona Mortgage Banker Bond
The Arizona Mortgage Banker Bond is required by the Arizona Department of Financial Institutions. The required bond amount, for those licensees using Institutional Investors, is $25,000. For licensees using Non-Institutional Investors, the required bond amount varies depending on a base consisting of the total assets of the licensee plus the unpaid balance of loans contracted to service for others as of the end of the licensee’s fiscal year. Apply for your Arizona Mortgage Banker Bond.
Arkansas Mortgage Banker Surety Bond
The Arkansas Mortgage Banker Surety Bond is required by the State of Arkansas Securities Department. The required bond amount varies depending on the applicant’s loan activity from the previous year. The bond ensures that the Principal will comply with the provisions of the Arkansas Fair Mortgage Lending Act. Apply for your Arkansas Mortgage Banker Surety Bond.
Arkansas Mortgage Broker Surety Bond
The Arkansas Mortgage Broker Surety Bond is required by the Securities Department of the State of Arkansas. The required bond amount depends on the mortgage loan volume of the previous year. The Arkansas Mortgage Broker Surety Bond is valid for one year. Apply for your Arkansas Mortgage Broker Surety Bond.
Arkansas Mortgage Servicer Bond
The Arkansas Mortgage Servicer Bond is required by the State of Arkansas Securities Department. The required bond amount depends on the applicant’s mortgage loan activity from the previous year. The bond ensures that the applicant will faithfully comply with the Arkansas Fair Mortgage Lending Act and protects the public from any wrongdoing by the applicant. Apply for your Arkansas Mortgage Servicer Bond
California Finance Lender Surety Bond
California Financing Law license bond, also known as a California Finance Lender or Broker Bond is required by the State of California, Department of Business Oversight. The required bond amount is at least $25,000; however, the actual bond amount depends on the aggregate dollar amount of residential mortgage loans originated by the mortgage lender in the preceding year. The California Finance Lender Surety Bond is continuous in nature. California Finance Lender Surety Bond
California Mortgage Lending Act Bond
The California Mortgage Lending Act Bond is required for any company or person who makes or services residential mortgage loans in California. A CRMLA license is an alternative to the licenses under the California Finance Lenders Law or the California Real Estate Law. A licensed CRMLA lender is authorized to provide brokerage services to its borrowers. The minimum bond amout is $50,000.
Colorado Mortgage Loan Originator Bond
The Colorado Mortgage Loan Originators Bond is required by the Colorado Board of Mortgage Loan Originators. The required bond amount is determined by the Board of Mortgage Loan Originators and the bond is continuous in nature. Apply for your Colorado Board of Mortgage Loan Originators Bond.
Connecticut Mortgage Broker Bond
The Connecticut Mortgage Broker Bond is required by the Connecticut Commissioner of Banking. The required bond amount is between $50,000 and $150,000 depending on the loan volume of the applicant. The Connecticut Mortgage Broker Bond is continuous until cancelled. Apply for your Connecticut Mortgage Broker Bond
Connecticut Mortgage Correspondent Lender Bond
The Connecticut Mortgage Correspondent Lender Bond is required by the Connecticut Commissioner of Banking. The required bond amount is $100,000 and the bond is continuous in nature until cancelled by the Surety. Apply for your Connecticut Mortgage Correspondent Lender Bond
Connecticut Mortgage Lender Bond
The Connecticut Mortgage Lender bond is required by the Connecticut Commissioner of Banking in the amount of $100,000. The bond protects the borrows of the Principal from any wrongdoing by the Principal. Apply for your Connecticut Mortgage Lender bond
Connecticut Mortgage Servicer Bond
The Connecticut Mortgage Servicer Bond is required by the Commissioner of Banking of the State of Connecticut. The required bond amount is $100,000, plus $100,000 for each additional branch office. The bond is continuous until cancelled by the Surety. Apply for your Connecticut Mortgage Servicer bond.
Delaware Mortgage Loan Broker Surety Bond
The Delaware Mortgage Loan Broker Surety Bond is required by the Office of the State Bank Commissioner in the amount of $25,000. The bond is continuous in nature until cancellation. Apply for your Delaware Mortgage Loan Broker Surety Bond.
Delaware Mortgage Lender Bond
The Delaware Mortgage Lender Bond is required by the State of Delaware Office of the State Bank Commissioner in an amount determined by the State Bank Commissioner. The bond is for the benefit of the State of Delaware and the licensee’s clients. Apply for your Delaware Mortgage Lender Bond.
Georgia Mortgage Broker Surety Bond
The Georgia Mortgage Broker Surety Bond is required by the State of Georgia Department of Banking and Finance in an amount of $50,000. The bond is continuous in nature but may be cancelled at any time by the Surety. Apply for your Georgia Mortgage Broker Surety Bond.
Georgia Mortgage Lender Bond
The Georgia Mortgage Lender Bond is required by the State of Georgia Department of Banking and Finance. Georgia House Bill 143 increased the required bond amount from $150,000 to a minimum of $250,000 (effective December 31, 2017). Apply for your Georgia Mortgage Lender Bond.
Hawaii Mortgage Broker License Bond
The Hawaii Mortgage Broker License Bond is required by the Mortgage Brokers and Solicitors Program, Department of Commerce and Consumer Affairs. It is one of two possible Mortgage Industry Surety Bonds that may be required. The minimum bond amount is $15,000. Apply for your Hawaii Mortgage Broker License Bond.
Hawaii Mortgage Servicer Surety Bond
The Hawaii Mortgage Servicer Surety Bond is required by the State of Hawaii Department of Commerce and Consumer Affairs, Division of Financial Institutions in the amount of $100,000. The Hawaii Mortgage Servicer Surety Bond is continuous and remains in full force and effect until cancelled. Apply for your Hawaii Mortgage Servicer Surety Bond.
Illinois Residential Mortgage Bond
The Illinois Residential Mortgage Bond is required by the State of Illinois Department of Financial and Professional Regulation. The required bond amount depends on the applicant’s loan volume from the previous year and the bond is continuous with the term of the license. Apply for your Illinois Mortgage Servicer Surety Bond.
Indiana Mortgage Lending Surety Bond
The Indiana Mortgage Loan Broker Bond is required by the Indiana Secretary of State Securities Division. The required bond amount depends on the broker’s loan volume from the previous year. Apply for your Indiana Mortgage Loan Broker Bond.
Indiana Mortgage Loan Broker Bond
The Indiana Mortgage Loan Broker Bond is required by the Indiana Secretary of State Securities Division. The required bond amount depends on the applicant’s loan volume of the previous year. The license expires on December 31st of the year it was issued and must be renewed annually. Apply for your Indiana Mortgage Loan Broker Bond.
Iowa Mortgage Surety Bond
The Iowa Mortgage Surety Bond is required by the Iowa Department of Commerce Division of Banking Finance Bureau in the amount of $100,000. The bond is continuous until cancelled by the Surety. Apply for your Iowa Mortgage Surety Bond.
Kansas Supervised Lender or Mortgage Company Bond
The Kansas Supervised Lender/Mortgage Company Bond is required by the Office of the State Bank Commissioner of Kansas. The required bond amount depends on whether or not the license applicant maintains a Kansas bonafide office. The bond is continuous until cancellation. Apply for your Kansas Supervised Lender/Mortgage Company Bond.
Kentucky Mortgage Loan Broker Surety Bond
The Kentucky Mortgage Loan Broker Surety Bond is required by the Commonwealth of Kentucky, Department of Financial Institutions in the amount of $50,000. The bond is continuous in nature and remains in full force and effect until cancelled. Apply for your Kentucky Mortgage Loan Broker Surety Bond.
Kentucky Mortgage Loan Company Bond
The Kentucky Mortgage Loan Company Bond is required by the Commonwealth of Kentucky Department of Financial Institutions. The required bond amount is $250,000. The bond ensures the licensee’s faithful compliance with the Kentucky Mortgage Loan Company and Mortgage Loan Broker Act. Apply for your Kentucky Mortgage Loan Company Bond.
Kentucky Mortgage Loan Originator Bond
The Kentucky Mortgage Loan Originators Surety Bond is required by the Commonwealth of Kentucky, Department of Financial Institutions in the amount of $20,000 for the year. Kentucky Mortgage Loan Originators Surety Bond.
Louisiana Mortgage Lender and/or Servicer Surety Bond
The Louisiana Mortgage Lender Surety Bond is required by the State of Louisiana, Office of Financial Institutions. The required bond amount depends on the loan volume of the broker from the previous year. Since it is continuous, this bond remains in full force and effect until cancelled. Apply for your Louisiana Mortgage Lender Surety Bond.
Louisiana Mortgage Loan Originator Bond
The Louisiana Mortgage Originator Surety Bond is required by the State of Louisiana Office of Financial Institutions. The bond can be required in either the amount of $25,000 or $50,000 for the year. Apply for your Louisiana Mortgage Originator Surety .
Maine Loan Broker Bond
The Maine Loan Broker Bond is required by the Maine Department of Professional & Financial Regulation in the amount of $25,000. This bond is continuous; therefore, it remains in full force and effect until cancelled by the Surety. Apply for your Maine Loan Broker Bond.
Maine Mortgage Loan Originator Bond
The Maine Mortgage Loan Originator Bond is a $25,000 surety bond required to obtain a license to become a loan originator in Maine. The bond is in place to protect the public and the state of Maine from the consequences of dishonest or incompetent loan originators. It is NOT INSURANCE for the loan originator. Apply for your Maine Loan Originator Bond.
Maryland Mortgage Lender Bond
The Maryland Mortgage Lender Bond is required by the Maryland Commissioner of Financial Regulation. The required bond amount depends on the volume of mortgage business performed by the executive office. The Maryland Mortgage Lender Bond is continuous in nature and remains in full force and effect until cancelled. Apply for your Maryland Mortgage Lender Bond
Massachusetts Mortgage Broker Bond
The Massachusetts Mortgage Broker Bond is required by the Commonwealth of Massachusetts Commissioner of Banks in the amount of $75,000. The bond remains in full force and effect until cancelled by the Surety. Apply for your Massachusetts Mortgage Broker Bond
Massachusetts Mortgage Lender Bond
The Massachusetts Mortgage Lender Bond is required by the Commonwealth of Massachusetts, Commissioner of Banks. The bond is required in the event of insolvency, liquidation, or bankruptcy of the bond holder, or the expiration, surrender, or revocation of the relevant license. The Massachusetts Mortgage Lender Bond is a $100,000 obligation. Apply for your Massachusetts Mortgage Lender bond.
Michigan Mortgage Loan Originator Bond
The Michigan Mortgage Loan Originator Bond is required by the Office of Financial and Insurance Regulation. The bond ensures that the bond holder will conform to and comply with each and every provision of Act No. 75, Public Acts of 2009, and all rules and regulations lawfully enforced by the Commissioner of the Office of Financial and Insurance Regulation of the State of Michigan. Apply for your Michigan Mortgage Loan Originator Bond
Michigan Mortgage Broker / Lender Bond
A Michigan Mortgage Broker /Lender bond is required by the State of Michigan Department of Insurance and Financial Services in the amount of $25,000. The bond is valid for 1 year. There is a separate bond requirement for 1st and 2nd mortgage mortgage brokers or lenders. Apply for your Michigan Mortgage Broker /Lender bond.
Michigan Mortgage Servicer Bond
The Michigan Mortgage Servicer Surety bond is a $125,000 bond required by the Michigan Department of Insurance and Financial Services. A mortgage servicer is defined as a person or entity who, directly or indirectly, services or offers to service mortgage loans. Like the mortgage broker bond, there are separate requirements for 1st and 2nd mortgages. Apply for your Michigan Mortgage Servicer Surety bond.
Minnesota Residential Mortgage Originator Bond
The Minnesota Residential Mortgage Originator Bond is required by the State of Minnesota Department of Commerce. The required bond amount depends on the particular company’s loan origination volume in Minnesota. The bond is continuous but may be cancelled by the Surety at any time. Apply for your Minnesota Residential Mortgage Originator Bond
Minnesota Residential Mortgage Servicer Bond
The Minnesota Residential Mortgage Servicer Bond is required by the State of Minnesota, Department of Commerce. The bond is required to secure the compliance by the bond holder with the terms of Minnesota Statutes, Sections 58.01 to 58.17, and any other legal obligations arising out of the bond holder’s conduct as a residential mortgage servicer. The required bond amount is $100,000. Apply for your Minnesota Residential Mortgage Servicer bond.
Mississippi Mortgage Broker Bond
The Mississippi Mortgage Broker Bond is required by the State of Mississippi Department of Banking & Consumer Finance in the amount of $25,000. The bond ensures that the principal will abide by all Mississippi state laws and regulations. Apply for your Mississippi Residential Mortgage Originator Bond
Mississippi Mortgage Lender Surety Bond
The Mississippi Mortgage Lender Surety Bond is a $150,000 surety bond required by the Mississippi Department of Banking and Consumer Finance’s (DBCF). Apply for your Mississippi Mortgage Lender Bond .
Missouri Residential Mortgage Loan Broker Bond
The Missouri Residential Mortgage Loan Broker Bond is required by the State of Missouri Division of Finance. The required bond amount depends on the dollar amount of loans brokered for the previous year. The bond is valid for one year. Apply for your Missouri Residential Mortgage Loan Broker Bond.
Montana Mortgage Broker Surety Bond
The Montana Mortgage Broker Surety Bond is required by the State of Montana Division of Banking and Financial Institutions. The required bond amount depends on the combined annual loan production amounts for all business locations of the broker. Apply for your Minnesota Residential Mortgage Originator Bond
Nebraska Mortgage Banker Bond
The Nebraska Mortgage Banker Bond is required by the Nebraska Department of Banking & Finance in the amount of $100,000. The bond remains in full force and effect until cancelled. Apply for your Nebraska Mortgage Banker Bond.
Nevada Mortgage Broker Bond
The Nevada Mortgage Broker Surety Bond is required by the Nevada Department of Business & Industry in the amount of $50,000. The bond is continuous; therefore, it remains in full force and effect until cancelled. Apply for your Nevada Mortgage Broker Surety Bond.
New Hampshire Mortgage Broker Bond
The New Hampshire Mortgage Broker Bond is required by the State of New Hampshire, Department of Banking in the amount of $50,000. The bond remains in full force and effect until cancelled. Apply for your New Hampshire Mortgage Broker Bond.
New Jersey Mortgage Lender Bond
The New Jersey Mortgage Lender Bond is required by the New Jersey Commissioner of Banking and Insurance in the amount of $150,000. A New Jersey Mortgage Lender Bond may be used for both Residential Mortgage Lender license applications and Mortgage Broker license applications. Apply for your New Jersey Mortgage Lender Bond.
New Mexico Mortgage Loan Originator Bond
The New Mexico Mortgage Loan Originator Bond is required by the New Mexico Regulation and Licensing Department, Financial Institutions Divisions in the amount of $50,000 for the first year as a licensed mortgage loan originated. After the first year, the surety bond will be based on the total dollar amount of mortgage loans originated annually in New Mexico by the licensee. Apply for your New Mexico Loan Originator Bond.
New York Mortgage Brokers Bond
The New York Mortgage Brokers Bond is required by the Superintendent of Financial Services of the State of New York. The required bond amount depends on the broker’s volume of business. The New York Mortgage Brokers Bond is continuous in nature. Apply for your New York Mortgage Brokers Bond
New York Mortgage Bankers Bond
The New York Mortgage Bankers Bond is required by the Superintendent of Banks of the State of New York. Companies that engage in the business
of making three or more mortgage loans in a calendar year or more than five loans in a two year period on 1-4 family owner- occupied residential property located in the State of New York. Apply for your New York Mortgage Bankers Bond
North Carolina Mortgage Broker Bond
The North Carolina Mortgage Broker Bond is required by the North Carolina Office of the Commissioner of Banks. The required bond amount is determined by the loan volume of the previous year. The North Carolina Mortgage Broker Bond is valid for 1 year. Apply for your North Carolina Mortgage Brokers Bond
North Dakota Money Broker Bond
The North Dakota Money Broker Bond is required by the State of North Dakota Department of Financial Institutions in the amount of $25,000. The bond protects the public from malpractice by the money broker. Apply for your North Dakota Money Broker Bond
Ohio Mortgage Broker Act Surety Bond
The Ohio Mortgage Broker Act Surety Bond is required by the Ohio Department of Commerce, Division of Financial Institutions. The the bond amount should be 0.5% of the bond holder’s loan volume originated in the preceding calendar year. The Ohio Mortgage Broker Act Surety Bond is valid for 1 year. Apply for your Ohio Mortgage Broker Act Surety Bond
Oklahoma Mortgage Lender License Bond
The Oklahoma Mortgage Lender License Surety Bond is required by the Oklahoma Department of Consumer Credit in the amount of $100,000. Licenses are valid for one year and must be renewed annually. Apply for your Oklahoma Mortgage Lender License Surety Bond.
Pennsylvania Mortgage Broker Surety Bond
The Pennsylvania Mortgage Broker Bond is required by the Pennsylvania Department of Banking and Securities. The required bond amount depends on the anticipated or actual amount of Pennsylvania mortgage loans originated by the Principal. The bond remains in full force and effect until cancelled by the Surety. Apply for your Surety Bonds for the mortgage industry
Rhode Island Loan Broker Bond
The Rhode Island Loan Broker Bond is required by the State of Rhode Island Department of Business Regulation in the amount of at least $20,000. However, the actual bond amount is determined by the number of loan broker branch locations. Apply for your Rhode Island Loan Broker Bond
South Carolina Mortgage Broker Bond
The South Carolina Mortgage Broker Bond is required by the Administrator of the Department of Consumer Affairs of the State of South Carolina. The required bond amount is at least $25,000; however, actual bond amount is based on dollar loan volume from the previous calendar year. The South Carolina Mortgage Bond is continuous in nature. Apply for your South Carolina Mortgage Broker Bond.
Tennessee Mortgage License Surety Bond
The Tennessee Mortgage License Surety Bond is required by the Department of Financial Institutions. The bond amount depends on the type of license being applied for. The Tennessee Mortgage License Surety Bond is valid for 1 year. Apply for your Tennessee Mortgage License Surety Bond.
Utah Mortgage Loan Originators Bond (Individual)
The Utah Mortgage Loan Originators Bond is required by the Utah Department of Commerce Division of Real Estate. The required bond amount depends on the loan volume originated during the prior calendar year. Apply for your Utah Mortgage Loan Originators Bond.
Vermont Mortgage Broker Surety Bond
The Vermont Mortgage Broker Surety Bond is required by the State of Vermont Department of Financial Regulation. The required bond amount is determined by the total dollar amount of loans that the broker processes yearly. The bond is valid for one year and is renewable annually. Apply for your Surety Bonds for the mortgage industry
Virginia Mortgage Loan Originator Bond
The Virginia Mortgage Loan Originator Bond is required by the Commonwealth of Virginia State Corporation Commission’s Bureau of Financial Institutions. The required bond amount depends on the applicant’s loan volume from the previous calendar year. Apply for your Virginia Mortgage Loan Originator Bond.
Washington Mortgage Broker Bond
The Washington Mortgage Broker Bond is required by the Washington State Director of Financial Institutions. The required bond amount is determined by the annual loan origination volume of the licensee in the State of Washington. The Washington Mortgage Broker Bond is continuous in nature. Apply for your Washington Mortgage Broker Bond.
West Virginia Mortgage Broker / Loan Originator Surety Bond
The West Virginia Mortgage Broker/ Loan Originator Surety Bond is required by the State of West Virginia Division of Financial Institutions. The required bond amount is determined by the annual mortgage loan amount originated. Apply for your West Virginia Mortgage Broker/ Loan Originator Surety Bond
Wisconsin Mortgage Broker Bond
The Wisconsin Mortgage Broker Bond is required by the State of Wisconsin Department of Financial Institutions in the amount of $120,000. Apply for your Wisconsin Mortgage Broker Bond.
Wyoming Surety Bond for Mortgage Lenders and Brokers
The State of Wyoming Department of Audit requires a Wyoming Surety Bond for Mortgage Lenders and Brokers. The required bond amount is $25,000 plus $10,000 for each branch location. This bond is continuous only until it is released by the Commissioner of Banking. Apply for your Wyoming Surety Bond for Mortgage Lenders and Brokers.
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