Rhode Island Lender License Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of Rhode Island Mortgage Lenders
Rhode Island mortgage lenders are licensed and regulated by the state’s Department of Business Regulation.
While the Department regulates your licensing, your surety bond and other documentation are filed electronically through NMLS, the Nationwide Mortgage Licensing System. After approval and the purchase of your surety bond, our agency can file your bond to NMLS on your behalf.
The lender surety bond required is a minimum:
- $50,000 surety bond;
- However, if you have 4 to 7 branch locations, the bond increases by $10,000 to $60,000 surety requirement;
- And if you have 8 or more branch locations, you’ll add another $25,000 for a $75,000 surety bond.
Qualifying and the Premium
The first thing to know about qualifying for the $50,000 Rhode Island lender license bond is that there is no credit check nor underwriter review for this bond amount.
What this means for your company is that after providing us with a basic, verbal application over the phone with our Surety Agent, and payment of the $375 premium, our agency issues this bond to you immediately. It really is that easy.
For the $60,000 and $75,000, the application is also easy, it’s just that you’ll also be required to both sign and complete a short surety bond application. This application will then go to an underwriter for review which includes a professional or personal credit check.
Good credit is required for the $60,000 and $75,000 surety bond amounts through our agency. Approval will be as follows:
- $60,000 surety bond – $450 annual premium;
- $75,000 surety bond – $563 annual premium.
Premium Prepayment Options
The respective premiums stated above are good for one year, and will renew on the anniversary of your bond’s issuance.
The option also exists to prepay your mortgage lender bond premium up to 3 years. This saves you over annual renews, besides lengthening the time between renewals.
The breakdown and savings are as follows:
—$50,000 surety bond amount—
- If prepaid for 2 years, the premium is $675, a $75 savings;
- If prepaid for 3 years, the premium is $975, a $150 savings.
—$60,000 surety bond amount—
- If prepaid for 2 years, the premium is $810, a $90 savings;
- If prepaid for 3 years, the premium is $1170, a $180 savings.
—$75,000 surety bond amount—
- If prepaid for 2 years, the premium is $1013, a $113 savings;
- If prepaid for 3 years, the premium is $1464, a $225 savings.
Purpose of Your Surety Bond Requirement
Your surety bond is a financial guarantee of your business compliance Title 19, Chapter 14.1, and any other related statutes, as amended.
Our agency is also a provider of license and permit bonds, probate surety bonds, and court bonds in all 50 states.
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