Oregon Mortgage Lender Bond | AmeriPro Surety Bonds | 844-589-9732
Oregon Mortgage Lender
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: Regulatory Body
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.
Becoming an Oregon Mortgage Lender:
Involved in becoming an Oregon mortgage lender, one must:
- Complete the mortgage lender license application;
- Pay a nonrefundable $1060 Oregon mortgage lender application fee;
- Provide the name and contact information for the registered agent;
- Provide the name and contact information for the “qualifying individual”;
- Provide individual history disclosures;
- Provide company history disclosures;
- Include a 6 month or newer audited financial statement;
- Provide a chart of the company structure
- Finally, an Oregon mortgage lender is required to obtain a surety bond in the amount required by the Division of Financial Regulation.
Oregon Mortgage Lender Bond: Purpose
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:
- If the amount is less than $10 million in origination, the bond required is $50,000.00;
- If the amount is between $10 million to under $25 million, the bond required is $75,000;’
- If the amount is between $25 million to under $50 million, the bond required is $100,000;
- If the amount is between $50 million to under $100 million, the bond required is $150,000;
- If the amount is $100 million and more, the bond amount required is $200,000.
Oregon Mortgage Lender Bond: Duration
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.
Call AmeriPro Surety Bonds today at 844-589-9732.