The Tennessee mortgage broker or lender bond, when purchased, is filed electronically throughout NMLS. The bond may be yours for as little as 1% (we will do our best!). Please call AmeriPro Surety Bonds today: 844-589-9732.
Tennessee Mortgage Broker or Lender Bond |
AmeriPro Surety Bonds | 844-589-9732
Tennessee Mortgage Brokers and Lenders
The Tennessee Department of Financial Institutions regulates the licensing of mortgage brokers and mortgage lenders.
As is increasingly the case, the surety bond, when purchased, is filed electronically through Nationwide Licensing System and Registry (NMLS).
AmeriPro Surety Bonds provides you with the required surety bond. We offer this for both first time applicants and those who need to renew an existing mortgage surety bond.
Tennessee Mortgage Broker or Lender Bond: Amount Required and the Premium
The Tennessee mortgage broker or lender bond is required in one of 3 categories, but only two different amounts.
The surety bond amount required is as follows:
- Tennessee mortgage brokers are required to obtain a $90,000 surety bond;
- Tennessee mortgage lenders or servicers are required to obtain a $200,000 surety bond;
- And applicants who engage in both mortgage brokering AND lending are also required to obtain a $200,000 surety bond.
Applicants for the any of these mortgage broker surety bond categories will complete a detailed application as part of the underwriting process (this refers to the issuance of the bond and its pricing).
Especially for the $200,000 surety bond, you may be asked to provide information on the following:
- Your net worth;
- Your source(s) of income;
- Investments held by you—including their type, current market value and where such investments are held;
- Whether you are currently party to any lawsuits;
- Whether you have any unsatisfied judgments or tax liens;
- Whether you have ever had a surety bond canceled;
- Banking statements;
- Other questions as may be deemed appropriate to obtaining this surety bond at the most favorable pricing.
As a broad general guideline, a well qualified applicant may pay as little as 1% annually for each of these bonds; however, the price you will pay may or may not be different.
Our agency will work to find you the best surety bond pricing.
Duration and Term of this Surety Bond
Once the Tennessee mortgage broker or lender bond is issued, it is typically active until December 31st of the same calendar year.
Bonds which are purchased very late in a calendar year may have an expiration (and renewal) on the December 31st of the following year.
Its Purpose
This Tennessee mortgage broker or lender bond is a financial guarantee which ensures your compliance with the Tennessee Residential Lending, Brokerage and Servicing Act of 1988, including any future amendments or additions.
While required of you, the mortgage/lender surety bond is for the benefit of any consumer who is harmed by the failure of a mortgage broker, servicer, or lender to comply with the law and which in turn causes some harm.
As principal of this surety bond, you are agreeing to indemnify the surety for any losses caused by you (or any employees, agents, or managers of yours); however, the total liability of your responsibility will not exceed the aggregate amount of the surety bond, as it relates to your bond.
About Us
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, and mortgage surety bonds in Tennessee and nationwide.
Please call our agency today:
844-589-9732
Or, you may fill out the form to be contacted by an agent..
