Rhode Island Loan Broker Bond
AmeriPro Surety Bonds | 844-589-9732
Rhode Island Loan Broker License
Your Rhode Island loan broker license and the required surety bond (whether new/first time or renewal) are filed through NMLS, the Nationwide Mortgage Licensing System.
Upon purchase of your surety bond, our agency will electronically file it on your behalf to NMLS, unless you tell us otherwise.
The surety bond requirement is as follows:
- A minimum $20,000 surety bond;
- If you have between 4 to 7 locations, an additional $10,000 surety bond, for a $30,000 surety bond amount;
- If you have 8 or more locations, an additional $25,000 surety bond, for a $45,000 surety bond amount.
Qualifying and the Premium
You are approved for all amounts of the Rhode Island loan broker bond as listed above. Our agency offers these bonds to you without a credit check or review by our underwriter.
What this means for you is that it takes just a matter of minutes to get your surety bond issued.
When you call us, we’ll ask you the type of business you operate (meaning, a sole proprietor, partnership, or corporation). Then we’ll ask some very basic questions: The name of your business, exactly as it should appear on your bond, along with your address, email address, and phone number.
The annual premium breakdown is as follows:
- $20,000 surety bond, $150 annual premium;
- $30,000 surety bond, $225 annual premium;
- $45,000 surety bond, $338 annual premium.
After payment of the premium, we’ll electronically file your bond for you to NMLS.
Premium Prepayment Options
The premium amount associated with your Rhode Island loan broker bond is for one year and will renew on the anniversary of your bond’s issuance. Our agency also allows you to prepay your bond up to 3 years, saving you money over annual renewals, and lengthening the time between renewal periods.
The premium prepayment options and savings are as follows:
—$20,000 loan broker surety bond amount—
- If prepaid for 2 years, the premium is $270, a $30 savings;
- If prepaid for 3 years, the premium is $390, a $60 savings.
—$30,000 loan broker surety bond amount—
- If prepaid for 2 years, the premium is $405, a $45 savings;
- If prepaid for 3 years, the premium is $585, a $90 savings.
—$45,000 loan broker surety bond amount—
- If prepaid for 2 years, the premium is $608, a $68 savings;
- If prepaid for 3 years, the premium is $879, a $135 savings.
Purpose Of Your Surety Bond Requirement
Your surety bond is a financial guarantee of your compliance with Title 19, Chapters 14 and 14.1 of the General Laws of Rhode Island, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency which provides loan broker license surety bonds nationwide, as well as other mortgage related bonds.
Our agency is also a provider of license and permit, court, and probate bonds in all 50 states.
Please call our agency today at:
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