Kentucky Mortgage Loan Company Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Loan Companies – Kentucky
The Kentucky Office of Financial Institutions is the state regulatory body which oversees mortgage loan companies. Filing of the mortgage company license is accomplished through NMLS, the Nationwide Mortgage Licensing System .
Kentucky mortgage loan companies are also currently required to submit proof of a $250,000 surety bond. Our agency offers this bond for your compliance.
Qualifying and the Premium
Applicants for the $250,000 mortgage loan company bond will complete an application which will require your signature before submission to an underwriter for a review. There will also be a credit check review as part of the underwriting process.
Because of the large size of this bond, our agency will only be able to get those bonded who have good business and/or personal credit.
If you are approved for this bond, the premium will be $1875, annually, which is less than 1%.
Once the bond has been paid for, a copy of it can be sent to you by email. The original bond – which you will sign as principal — will be sent to you by the following business day. It is the original surety bond, which you will also sign as the bond’s Principal, that you will want to file.
Additional Premium Payment Option Amounts
At a premium of $1875, the Kentucky mortgage loan company bond is issued for a standard period of one year.
Candidates who are approved for this surety bond may prepay the bond for up to 3 years. Prepayment offers several advantages. The first is that it increases the intervals between renewals; the second is that it offers you a savings over year to year renewal of the bond’s premium.
The premium prepayment options – and savings – are as follows:
- Prepayment for 2 years, $3375, a $375 savings;
- Prepayment for 3 years, $4875, a $750 savings.
Purpose of Your Surety Bond Requirement
The purpose of this surety bond is to ensure your compliance with the Mortgage Loan Company and Mortgage Loan Broker Act, statutorily referred to as KRS Chapter 286.8, and any future amendments or revisions of this law.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit bonds throughout Kentucky.
We also provide surety bonds nationwide.
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