Nebraska Residential Mortgage Bond |
AmeriPro Surety Bonds | 844-589-9732
Residential Mortgage Brokers – Nebraska
Nebraska residential mortgage brokers are regulated by the state’s Department of Banking and Finance. They are required to file a surety bond. The amount of the surety bond is based upon the production levels of mortgage loans closed in Nebraska in the preceding calendar year.
The dollar amount closed and the corresponding surety bond amount are as follows:
- $0.00 to $5 million $100,000 surety bond requirement;
- $5,000,000.01 to $10 million $125,000 surety bond amount;
- $10,000,000.01 to $25 million $150,000 surety bond amount;
- More than $25 million $200,000 surety bond amount.
Qualifying and the Premium
As an applicant for the Nebraska residential mortgage bond, you will need the following to qualify for this surety bond:
- A standard surety bond application, which our agency can pre-fill for you in certain places, but which will require your signature;
- We will need a recent financial statement from you;
- As part of the underwriting process, there will also be a credit score inquiry. You will be required to have good credit in order to qualify through our agency.
Once all documents have been received, the review will typically take several hours.
Upon approval, you will be approved at the following amounts, all of which are less than 1% of your surety bond:
- $100,000 surety bond – $750 premium;
- $125,000 surety bond – $938 premium;
- $150,000 surety bond – $1125 premium;
- $200,000 surety bond – $1500 premium.
After the premium has been paid, our agency will your signed surety bond, along with your Power of Attorney sent to you for filing.
Mortgage licensees are increasingly using NMLS, the Nationwide Mortgage Licensing System to electronically file their licensing and surety bonds. At your request, our agency can facilitate the electronic filing of your Nebraska residential mortgage license surety bond.
The Purpose of this Surety Bond
As stated with Nebraska Revised Statute 45-724, the purpose of your surety bond requirement is to protect residents of Nebraska who have claims or causes of actions against a licensed residential mortgage licensee or any employees (who are also “covered” under your surety bond).
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Nebraska and nationwide.
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