Rhode Island Third Party Loan Servicer Bond
AmeriPro Surety Bonds | 844-589-9732
Rhode Island Third Party Loan Servicer License
New and renewal third party loan servicing companies in Rhode Island must furnish the appropriate surety bond amount.
While the Division Banking regulates and licenses your business, the filing of a new (or renewal) license and surety bond are facilitated through NMLS, the Nationwide Mortgage Licensing System.
Once your 3rd party loan servicing bond is purchased, our agency will electronically file it on your behalf to NMLS.
Here is the breakdown for amounts required:
- $50,000 surety bond is the minimum amount;
- If your third party loan services business has between 4 and 7 locations, an additional $10,000 surety bond for a $60,000 surety bond amount is required;
- If your third party loan services business has 8 or more locations, an additional $25,000 surety bond requirement for a $75,000 surety bond amount is required.
Qualifying and the Premium
For applicants who require the $50,000 Rhode Island third party loan servicer bond, you are automatically approved, with no credit check. The premium is just $375 annually, ¾ of 1%.
For all amounts, when you call us, we’ll take at least part of the application from you over the phone (the $50,000 surety bond amount will not require your signature; the higher amounts).
What distinguishes the $60,000 and $75,000 surety bond amounts is that you will also undergo a business or personal credit check inquiry.
Good credit is required for the two higher surety amounts. Upon approval, the annual premiums are as follows:
- $60,000 surety bond, $450 annual premium;
- $75,000 surety bond, $563 annual premium.
Upon issuance of your bond, we will electronically file it on your behalf to NMLS. You may also choose to do so on your own.
Premium Prepayment Options
Your third party loan surety bond is issued with a standard one year term. You may choose to prepay your bond up to 3 years.
Prepayment saves you over annual renewal of your premium. You also lengthen the time between renewals.
Broken down by surety bond amounts, the premium prepayment options 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
The purpose of this surety bond is to serve as a financial guarantee which ensures your company’s professional and dutiful compliance with Title 19, Chapter 14 and 14.1 of the General Laws of Rhode Island, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide loan servicer surety bonds where required nationwide.
Our agency also provide small loan lender bonds, license and permit bonds, court, and probate bonds wherever required in all 50 states.
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