New Hampshire Mortgage Banker & Servicer Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing and Regulation Bankers and Servicers
New Hampshire mortgage bankers and mortgage servicers are both regulated by the state’s Department of Banking.
Both professions are required to provide evidence of a $100,000 surety bond. And both categories also use the same bond form; in fact, the form is entitled Mortgage Banker and Mortgage Servicer Bond.
While the Department of Banking is the regulatory body for your profession, licensing is processed through NMLS, the Nationwide Mortgage Licensing System.
Qualifying and the Premium
Qualifying for the $100,000 New Hampshire mortgage banker and servicer bond includes completion of a relatively short surety bond application — which we’ll begin with you over the phone — and the providing of an authorized signature and authorized witness.
A review by an underwriter is standard, which includes a professional Fed tax ID or personal credit inquiry.
Approval is predicated upon good credit, and the annual rate is ¾ of 1%, $750 annually.
Once your surety bond is approved, our agency issues it to you immediately. Your surety bond and the accompanying Power of Attorney form (POA) will be sent to you for filing.
Upon receipt, you’ll sign your bond as Principal, and then file it along with the POA to:
State of New Hampshire
53 Regional Drive, Suite 200
Concord, NH 03301
Premium Prepayment Options
The $750 premium associated with this surety bond renews annually on the anniversary of the date of issue.
The option also exists to prepay the mortgage banker and servicer bond for up to 3 years. Prepayment of your premium, besides lengthening the time between renewals, saves over renewing each year.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $1350, a $150 savings;
- If prepaid for 3 years, the premium is $1950, a $300 savings.
Purpose of This Surety Requirement
Your surety bond serves as a financial guarantee of your dutiful compliance with New Hampshire Revised Statutes, 397-A, including any future amendments.
AmeriPro Surety Bonds provides mortgage broker, mortgage banker, and servicer surety bonds nationwide. We are also a provider of license and permit surety bonds in all 50 states.
Please call AmeriPro Surety Bonds today at:
Or, you may fill out the form below and an Surety Agent will contact you…