also: Texas mortgage lender bond and Texas mortgage servicer bond
Texas mortgage brokers are required to be licensed by the state.
Much of the licensing process takes place under NMLS which allows for many licensing types to be filed electronically on a nationwide scale.
In Texas, the mortgage broker license comes under the authority of Texas Department of Saving and Mortgage Lending Commissioner.
The Department also requires licensed mortgage brokers to maintain a surety bond.
For licensees, the purpose of the Texas mortgage broker bond is to protect consumers from acts of criminal wrongdoing, fraud, or theft committed by a mortgage broker company, its employees, or any officers, in the course of their duties as a mortgage broker.
But since this is a mortgage broker bond, the bond more specifically acts as a financial guarantee against these specific illegal activities;
And, to be sure, this list is not necessarily all-encompassing.
The Texas mortgage broker bond is in the amount of $50,000.
Applicants for the bond, of course, will not pay anywhere near that amount.
Since the Texas mortgage broker license is issued for a period of two years, and thereafter must be renewed with the Department through NMLS, the surety bond is likewise issued for a period of up to 2 years.
Applicants for this surety bond, however, have the following choices:
The cost of the Texas mortgage bond will depend on the the following factors:
A one year $50,000 mortgage broker bond may cost as little as $500 for the year.
The same bond, prepaid for two years, may cost as little as $1000.00.
The amount an individual applicant will pay, however, will depend on the applicant’s credit score.
AmeriPro Surety Bonds is able to get all credit ranges approved for this surety bond; however, those with lower credit scores should possibly prepare to pay substantially more.
AmeriPro Surety Bonds is a surety bonds-only agency providing license and permit, contractor, court, and fiduciary surety bonds throughout Texas.
We also provide surety bonds nationwide.
Please call our agency for the bond you require today.