The Kentucky Office of Financial Institutions oversees the licensing and regulating of mortgage brokers. While the Office is the regulatory body, you will file your application through NMLS, the Nationwide Mortgage Licensing System.
Meeting the surety bond requirement, a $50,000 mortgage broker surety bond, will likely be the easiest part of the licensing process. We anticipate it to take you no more than 10 minutes.
You are already approved for the $50,000 Kentucky mortgage broker bond. This is because there is no credit check nor underwriter review for this surety bond. What this means for you is that after completion of a surety bond application, and payment of the premium of $375, this bond is issued to you immediately.
A copy of the bond can also be sent to you by email. However, it is the original surety bond ---which you will sign as Principal --- that you will want to have filed.
Your Kentucky mortgage broker bond is issued with a standard term of one year.
You may also prepay this for 2 or 3 years. This does two things. The first is that it creates a greater interval between surety bond renewals; the second is that it offers you a savings over renewing your surety bond each year.
The premium breakdown is as follows:
The purpose of this bond requirement is to serve as a financial guarantee which ensures your compliance with Kentucky Revised Statutes Chapter 286.8, and any future amendments or additions to this law. This is also referred to as the Mortgage Loan Company and Mortgage Broker Act.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Kentucky.
Our agency also provides surety bonds nationwide.
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