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:
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:
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.
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---
---$60,000 surety bond amount---
---$75,000 surety bond amount---
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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