1 (844) 589-9732

A New Jersey residential mortgage broker bond and mortgage lender bond are $150,000 surety bonds required by the Department of Banking and Insurance. The bonds can be purchased, based on credit, for as little as 1% annually. Please call our agency today at: 844-589-9732.

New Jersey Residential Mortgage Broker Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Residential Mortgage Brokers and Lenders – New Jersey

 

 

 

Both New Jersey residential mortgage brokers and residential mortgage lenders are regulated by the state’s Department of Banking and Insurance.

As a condition of licensing, both categories are required to furnish evidence of a $150,000 surety bond.  The wording of the Department actually calls for a minimum amount of $150,000 surety bond.

AmeriPro Surety Bonds helps you to obtain this surety bond as both a first time and renewal bond.

 

 

 

New Jersey Residential Mortgage Broker Bond / Lender Bond: The Premium Amount and Duration

 

 

 

The residential mortgage broker bond’s premium will be determined by the following:

  • Information obtained via a detailed surety bond application: detailed because the amount of the surety bond is as large as it is and the responsibilities are so great;
  • Your credit score.

As a broad general rule, an applicant with very good credit will likely pay about 1%, or just $1500 annually for this bond; however, the amount will vary depending on the above criteria, and particularly your credit score.

The amount for this surety bond could theoretically range from 1%-10%.

Once issued, the New Jersey residential mortgage broker bond is active for one year from the date of issuance. An active and current surety bond must remain on file to be eligible to do business as a mortgage broker or mortgage lender in New Jersey.

AmeriPro Surety Bonds works to provide you the best overall surety bond pricing.

 

 

 

The Purpose of these Surety Bonds

 

 

 

The New Jersey residential mortgage broker bond and lender bond is a financial guarantee which protects the department and the people of the state of New Jersey.

More specifically, and as stated in the wording of the surety bond itself, this bond serves as a financial protection against acts of fraud, omission, theft, willful and criminal misrepresentation and malfeasance, on the part of a licensed mortgage broker company or lender in their interactions with the public.

The protections afforded to the people of the state of New Jersey by means of this surety bond also extend to wrongful acts committed by agents, employees, and managers of a mortgage broker or lender.

As principal of this surety bond, you bear the burden of reimbursing the surety for any costs and fees in the event that a claim is ever made and paid against your surety bond.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.

Our agency also provides surety bonds nationwide.

We thank you for your consideration and look forward to working with you.

Please call our agency today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out our contact form below to be contacted by an agent…

 

 

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