The Arkansas Securities Department requires that mortgage professionals in the following categories obtain a $100,000 surety bond:
What is written here applies to all three categories; and, in fact, the bond form used by Arkansas mortgage brokers, lenders, and servicers, will be the same one.
While the Securities Department requires the surety bond, licensing documents for Arkansas mortgage professionals are submitted through NMLS, the Nationwide Mortgage Licensing System. Once purchased, our agency may be able to electronically file your surety bond on your behalf.
As an applicant for the $100,000 Arkansas mortgage broker, lender, or servicer bond, qualifying is by means of surety bond application --- which we can begin with you over the phone – but which will require you to complete and sign and have witnessed.
A credit check and underwriter review for application are also required. The credit score inquiry utilized by our agency (and all surety agencies, in fact) is a “soft inquiry” which not adversely affect your credit score.
Applicants will need good credit in order to qualify with our agency. If approved, the premium will be $750, which is less than 1%.
Once approved and paid for, our agency can either file the surety bond on your behalf through NMLS. We can also send bond to you by the following business day which you’ll need to sign as Principal and which will have our signature as Surety.
At $750 premium, the Arkansas mortgage broker bond is issued for a standard one year period. Thereafter the surety bond is renewed by a new premium payment.
You also have the option to prepay your bond for up to 3 years. Prepayment of your premium lengthens the time between renewals and offers you a savings over year to year renewal of your bond premium.
The premium prepayment options and savings are as follows:
Your Arkansas mortgage surety bond is a financial guarantee of your compliance with the Act and Rules of the Fair Mortgage Lending Act, and any future amendments or additions.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Arkansas and in all 50 states.
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