The Georgia mortgage lender bond is a $250,000 surety bond required by the state’s Department of Banking & Finance .
The Department has adopted use of NMLS for electronic filing of your surety bond.
AmeriPro Surety Bonds will help you file the surety bond as a first time or renewal bond.
The purpose of the Georgia mortgage lender bond is to serve as a financial guarantee that you will be in compliance with all statutory regulations governing mortgage lending in Georgia.
Specifically, the bond ensures your compliance with the Georgia Residential Mortgage Act and all amendments or additions thereto.
As such, the surety is for the protection and the benefit of the people of the state of Georgia and the Department. The bond protects acts against acts fraud, theft, or criminal malfeasance that a mortgage lender may commit in connection with professional responsibilities.
Whereas the bond is for the protection of others and required by you for licensing, you as principal are ultimately responsible for the reimbursement to the surety for any claims paid in connection with your bond.
After completion of a detailed application (due to the bond’s large size), a credit check will be run to determine the premium that you will be required to pay.
Applicants with good credit scores may pay as little as $2,500 annually for this bond; however, again, we emphasize the mortgage lender bond is largely credit score driven.
In any case, AmeriPro Surety Bonds will work to find you the best surety bond pricing; it’s what we do.
The premium amount may take anywhere between a few hours and a business day to determine.
Once issued, the bond is active for one year from the date of issuance. An active surety bond must always remain on file as a condition to maintaining an active lender license.
AmeriPro Surety Bonds is a surety bonds-only which provides license and permit, contractor, court, and fiduciary bonds throughout Georgia.
Our agency also provides surety bonds nationwide.
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