California Residential Mortgage Lender Bond |
AmeriPro Surety Bonds | 844-589-9732
Surety Bonding Requirements of
CA Mortgage Lenders/Servicers
California residential mortgage lenders and mortgage servicers are both licensed and regulated by the California Department of Business Oversight.
Residential mortgage lenders/servicers, as one of the conditions of licensing, are required to furnish a surety bond in an amount that is determined by the dollar level of loan origination in the prior calendar year.
The current breakdown is as follows:
- Up to $50 million – $50,000 surety bond;
- $50,000,001 to $500,000,000 – $100,000 surety bond;
- Above $500,000,000 – $200,000 surety bond.
Qualifying and the Premium
Applicants for the $50,000 California residential mortgage lender bond are approved immediately upon completion of an application. There is no credit check and the premium is $375 annually.
Applicants for the $100,000 and $200,000 surety bond will need to complete and sign a short surety bond application.
Approval is determined by a review from an an underwriter; and good credit is required. The respective annual premiums upon approval are $750 and $1500 annually.
Once your mortgage lender surety bond is approved and the premium is paid, our agency issues your bond to you immediately for filing.
If filing through NMLS, our agency can electronically do so on your behalf. If this option is chosen, no paperwork will be sent to you; however, we will provide you with a receipt for your order.
If the application is to be filed by mail, our agency will first mail all original surety bond documents to you for signing.
The address for the Dept. of Business Oversight is:
Department of Business Oversight
320 W. 4th Street
Los Angeles, CA 90013
Purpose Of Your Surety Bond Requirement
Your California mortgage lender/servicer surety bond is a financial guarantee of your compliance with the California Residential Mortgage Lending Act, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and probate surety bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…