Mortgage Broker Bond

Colonial Surety Company is authorized by the Nationwide Multistate Licensing System & Registry (NMLS) to write electronic mortgage broker bonds. 

What is a mortgage broker bond?

Some States require a mortgage broker bond as a prerequisite for any licensed mortgage broker to legally conduct business. The bond guarantees that the mortgage broker will operate in accordance with the applicable government rules and regulations.

Who needs this bond?

Mortgage brokers, mortgage lenders, and mortgage loan originators are required by some states to obtain a bond.

What is the amount of the bond?

The amount of the bond varies by State requirement. See below for a list of states and required bond amounts.

What is the process to obtain the bond?

First, apply here by clicking get started and we will finish

Colonial offers the direct and digital way to obtain a mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple!

What does the bond cost?

A mortgage broker bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the State.

Does it matter where I get the bond?

It is important to understand how surety bonds work and who is the insurance company issuing your bonds. It is easy to obtain a mortgage broker bond when you deal directly with a quality insurance company licensed to write surety bonds like Colonial. We are rated “A” Excellent by A.M. Best Company and incorporated since 1930. We are an NMLS approved Surety, Treasury listed, and licensed and admitted in all U.S. states and territories.

Mortgage Broker Surety Bond Amounts by State:

1. Alabama: $25,000
2. Alaska: $75,000
3. Arizona: $10,000 – $15,000
4. Arkansas: $100,000
5. California:
   • Under the California Finance Lenders Law (CFLL): $25,000 – $100,000 (based on loan volume)
6. Colorado: $25,000
7. Connecticut: $50,000 – $100,000 (based on loan volume)
8. Delaware: $25,000
9. District of Columbia: $12,500 – $50,000 (based on loan volume)
10. Florida: $10,000
11. Georgia: $150,000
12. Hawaii: $50,000
13. Idaho: $25,000
14. Illinois: $50,000
15. Indiana: $50,000 – $100,000 (based on loan volume)
16. Iowa: $100,000
17. Kansas: $50,000
18. Kentucky: $50,000 – $500,000 (based on loan volume)
19. Louisiana: $25,000
20. Maine: $25,000 – $100,000 (based on loan volume)
21. Maryland: $50,000 – $150,000 (based on loan volume)
22. Massachusetts: $75,000
23. Michigan: $25,000
24. Minnesota: $100,000
25. Mississippi: $25,000
26. Missouri: $50,000
27. Montana: $25,000
28. Nebraska: $100,000
29. Nevada: $50,000
30. New Hampshire: $50,000
31. New Jersey: $150,000
32. New Mexico: $50,000
33. New York: $10,000 – $100,000 (based on loan volume)
34. North Carolina: $75,000
35. North Dakota: $25,000
36. Ohio: $50,000
37. Oklahoma: $100,000
38. Oregon: $50,000
39. Pennsylvania: $100,000
40. Rhode Island: $50,000
41. South Carolina: $50,000
42. South Dakota: $25,000
43. Tennessee: $90,000
44. Texas: $50,000
45. Utah: $25,000 – $50,000 (based on loan volume)
46. Vermont: $25,000
47. Virginia: $25,000 – $100,000 (based on loan volume)
48. Washington: $30,000 – $150,000 (based on loan volume)
49. West Virginia: $50,000
50. Wisconsin: $300,000
51. Wyoming: $25,000

Notes:

• Variable Bond Amounts: Some states, such as California, Connecticut, Indiana, Kentucky, Maryland, New York, and Washington, have bond amounts that vary based on the loan volume or other factors related to the size of the business.
• eBond Requirements: Many states accept or require bonds to be submitted electronically through the NMLS platform.

It’s important to consult with the NMLS Resource Center or your state’s mortgage regulatory agency to confirm the specific bond amount for your business, as these amounts may change or have additional requirements based on your unique situation.