Mortgage lenders in Maryland are licensed and regulated by the state’s Department of Labor, Licensing, and Regulation.
While licensing is regulated by this Department, the filing of the license and required surety bond are accomplished through NMLS – the Nationwide Mortgage Licensing System.
Once the surety bond is purchased, our agency will electronically file the bond on your behalf.
Referred to alternately as a Maryland mortgage broker bond, the amount of surety bond is based upon your production levels from the prior 12 months.
Based on the above, the surety bond amount required is as follows:
Subject to approval by the Commissioner, according to NMLS, if you file for 5 or more offices at the same time, a single blanket surety bond of $750,000 may be permitted.
For those who require a $50,000 Maryland mortgage lender bond, our agency offers this bond as an instant issue surety bond. This means that after completion of a standard surety bond application, and payment of the premium, this bond is issued immediately --- and with no credit inquiry.
Additionally, the bond may be prepaid for 2 or 3 years. Breakdown of pricing for the $50,000 Maryland mortgage lender surety bond is as follows:
For the higher dollar surety bond amounts, a standard surety bond application and a business or personal credit check are typically required. As part of the underwriting process, you may be requested to provide a financial statement.
Prepayment options, which offer a savings over year to year renewal of the bond premium, are generally available to you as well.
In some cases, for established businesses (at least 3 years in the same location and under the same ownership) and who meet additional criteria, our agency may be able to offer streamlined underwriting. Please call our agency for more details.
Pricing remains competitive even at the higher dollar surety values.
The Maryland mortgage lender bond is a financial guarantee which ensures your compliance with all laws, rules, and regulations encompassing the lending, brokering, and servicing of mortgages.
The surety bond protects any consumers, whether in Maryland or outside the state, from acts of criminal wrongdoing, malfeasance and misfeasance on the part of a licensed mortgage lender. The bond also protects wrongdoing from any employees, agents, and managers of a licensed and bonded company.
As principal of this bond, you would be required to indemnify the surety for any claims paid against your bond. The total value of all claims, however, will not exceed the aggregate total of your bond, excluding any attorney costs and related fees.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Maryland.
We also provide surety bonds nationwide.
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