Mortgage companies which conduct business in Oregon --- whether they are headquartered in Oregon or not --- must obtain a mortgage lender license.
AmeriPro Surety Bonds helps both first time licensees and companies or individuals who need to renew an existing license, obtain a new or renewal Oregon mortgage lender bond.
Licensed mortgage loan officers in Oregon are covered by their company’s surety bond and are not required to purchase one on their own.
Oregon mortgage lenders are regulated by the Oregon Division of Financial Regulation.
Like many other mortgage-related industries nationwide, applicants for a mortgage lender license will submit requirements not to the state of Oregon directly, but through NMLS.
The Oregon mortgage lender bond is also submitted in the same manner.
Involved in becoming an Oregon mortgage lender, one must:
In addition to being required for the licensing, the purpose of an Oregon mortgage lender bond is to protect the consumer from acts of theft, fraud, misrepresentation and other acts of malfeasance committed by the mortgage lender company, its employees, or representatives, in duties related to mortgage lending.
Oregon Mortgage Lender Bond: Amount
The amount of the Oregon mortgage lender bond required will depend on the amount of business conducted by a mortgage lender company.
The amounts required are as follows:
The Oregon mortgage lender bond renews annually.
Oregon mortgage lender companies will be notified in September, by the OR Division of Financial Regulation, if the bond amount required for their license renewal is greater than the previous year.
This service is done as a courtesy by the state to keep mortgage lender companies compliant.
Oregon Mortgage Lender Bond: Premium
With a surety bond requirement between $50,000 to $200,000, the main factor for this surety bond’s annual premium will be the amount of the bond itself.
Other factors may include the company’s financial statements, if requested, and a soft pull credit check.
Premium in ideal cases may be as low as 1 – 2% of the bond amount.
AmeriPro Surety Bonds will always work to find you the best pricing.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout Oregon.
We also provide surety bonds of all types in all 50 states.