1 (844) 589-9732

Ohio Mortgage Broker Bond

The Ohio mortgage broker is determined by a simple formula, but is ultimately between $50,000 and $150,000. Please call AmeriPro Surety Bonds today at: 844-589-9732.

Ohio Mortgage Broker Bond |

AmeriPro Surety Bonds |

844-589-9732

 

 

 

Ohio Mortgage Broker Licensees

 

 

 

Ohio mortgage brokers are regulated by the Ohio Department of Commerce – Division of Financial Institutions.

The Department is also the obligee for your required Ohio mortgage broker bond.

In surety lingo, the obligee means that the Department is the entity requiring or mandating that you obtain the surety bond as a condition for licensing.

As an Ohio mortgage broker, you are also required to be in compliance with 1322.01 of the Ohio Revised Code.

Current Ohio state law requires mortgage brokers to obtain a surety bond. AmeriPro Surety Bonds offers this bond for you as both a new and renewal bond.

 

 

 

Ohio Mortgage Broker Bond: The Amount Required

 

 

 

The amount of the Ohio mortgage broker bond that you are required to purchase is a simple formula.

Made easy, it is as follows:

The Ohio mortgage broker bond amount is:

One-half percent (.05%) of the amount of residential loans originated in the most recent prior calendar year;

With a MINIMUM AMOUNT of $50,000 surety bond;

PLUS $10,000 surety bond for each location of your mortgage broker business beyond just one location;

But, the surety bond amount required in any case is NOT to EXCEED $150,000.

In other words your Ohio mortgage broker bond will be somewhere between $50,000 to $150,000 using the above calculations.

 

 

 

Ohio Mortgage Broker Bond: The Purpose

 

 

 

As a licensed mortgage broker, and as you undoubtedly know, you bear on your shoulders a strong fiduciary obligation to the people of the state of Ohio.

The purpose of your Ohio mortgage broker bond is to serve as a financial guarantee that you will be in compliance with all rules, statutes, and laws in the conduct of your mortgage broker operations.

The bond protects those others –the consumer – from acts of fraud, theft, or criminal malfeasance committed by a licensed broker in the course of their related professional duties.

According to Ohio state law, the bond also protects against breaches of warranty, a mortgage broker’s failure to pay the premium, and misrepresentation.

But, to be sure, your mortgage broker bond is not an insurance policy; it is a surety.

In the practical order, one of the things this means is that should a claim be paid on your mortgage broker bond by the surety, it is your legal liability to reimburse the surety for all costs involved in the satisfying of that claim.

 

 

 

Ohio Mortgage Broker Bond: The Premium

 

 

 

The premium for your mortgage broker bond will depend on the following:

  • The amount of the surety bond you are required to purchase, as per the above formula;
  • A standard application;
  • Your credit score.

As a general rule, an applicant with good credit may pay around 1% of the bond amount required.

However, the amount you will be required to pay will be subject to the conditions mentioned above and so it may vary substantially.

 

 

 

Qualifying for the Ohio Mortgage Broker Bond

 

 

 

Besides a standard application, depending on the amount of bond you are required to purchase, you may – or may not –be requested to provide information regarding the following:

  • Cash on hand in checking and savings accounts;
  • Annual or monthly income – and the source or sources of these;
  • Whether you are currently a party to any lawsuits, or have any unsatisfied tax liens or judgments;
  • Whether or not you have ever filed bankruptcy;
  • Your net worth (defined as your assets minus your liabilities);
  • Any real property owned;
  • The type, nature, and current market value of any financial investments, and where such investments are held (as in, brokerage accounts)

We bring this up not to scare you — but to prepare you — should you be asked for this information.

 

 

 

Duration of Your Mortgage Broker Bond

 

 

 

The surety bond will generally expire on December 31st of the same year. If for example, you purchase a surety bond in December of the current year, it will expire December of the following year.

The bond must be held active at all times. If you fail to do so, you may find that the state suspends – and in the worse case scenario – revokes your mortgage broker bond.

We don’t want that to happen.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency.

We provide license and permit, contractor, court, and fiduciary bonds throughout Ohio.

We also provide mortgage broker 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 the contact form below…

Request a Callback

  • Date Format: MM slash DD slash YYYY
  • Please note: We do not share or rent your address to anyone, except for underwriting purposes associated with your bond.
  • This helps us to find exactly the surety bond that you require. By the way, it's perfectly OK to not know the type of surety bond you need; that's why we're here!
  • This field is for validation purposes and should be left unchanged.

 

AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

apply today

recent news

Lost Cashier’s Check Bond | Lost Instrument Bond

If you’ve lost a cashier’s check or money order, to replace it, the banking institution will require that a “Lost Instrument bond” be purchased in order to re-issue it. Learn how to quickly purchase this bond with AmeriPro Surety Bonds.

Mortgage Broker Bond

A mortgage broker bond is a license and permit bond which states require to become properly licensed and which is also required to protect the public from wrongful acts committed by a mortgage broker.

Notary Public Bond California

A notary bond, also known as a notary public bond, is a bond that is required by the state of California to engage in the business of witnessing signatures on documents. 

Indiana Replevin Bond

Indiana Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Indiana Action of Replevin; Surety Bond and Purpose       An replevin action takes place in a civil litigation proceeding. The Plaintiff, permitted by order of the presiding...

Illinois Probate Bond

Illinois Probate Bond AmeriPro Surety Bonds | 844-589-9732       Surety Bond; Purpose       Probate is the legal process of “proving” a will. Probate may also be required when a decedent is intestate, that is, dies without a will, to...

Illinois Replevin Bond

  Illinois Replevin Bond AmeriPro Surety Bonds | 844-589-9732     Surety Bond; Purpose And Amount       An action of replevin, alternately referred to as a “writ of attachment” or sequestration, occurs when a Plaintiff, in a civil...

contact us

Office: 1 (844) 589-9732

Hours of Operation:

Monday – Friday 6 am to 5 pm (PST)