Oklahoma Mortgage Lender Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Lender Licensing – Oklahoma
The Oklahoma Department of Consumer Credit oversees the licensing and regulation of mortgage lenders in the state. While the Department regulates your mortgage lender license, the filing of the license – and the $100,000 surety bond — are accomplished by means of NMLS, the Nationwide Mortgage Licensing System.
Qualifying and the Premium
Qualifying for the $100,000 Oklahoma mortgage lender bond is by means of a standard surety bond application, which must be signed and witnessed before review by an underwriter, and by a credit report inquiry.
It is required that an applicant has good credit for this surety bond.
Upon approval the premium is $750 annually. This is less than 1% of the bond’s $100,000 amount.
Once the application has been approved and the premium paid, the surety bond is issued to you immediately. At your request, a copy of the bond can be sent to you email.
The original surety bond which bears our wet signature will be sent to you by the following business day at the latest. You will also need to sign your bond as Principal before filing with the Department through NMLS.
Additional Premium Payment Options
At $750, the $100,000 Oklahoma mortgage lender bond is issued for a standard one year term. Thereafter, both your bond and the premium are renewed.
Our agency also offers you the option to prepay this bond for up to 3 years.
Prepayment of your surety bond gives you two advantages: The first is that there is a greater period between premium renewals; and the second is there is a savings over renewing your bond year to year.
The breakdown of the premium amount – 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 Your Surety Bond Requirement
As stated within the surety bond wording, the purpose of this bond is a financial guarantee for the consumer to recompense such persons for losses or damages caused by the failure of a licensed mortgage lender to comply with any provisions of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Oklahoma. Our agency also provides surety bonds nationwide.
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