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