The Texas residential mortgage loan servicer bond is in required of one of two amounts: $25,000 or $50,000. AmeriPro Surety Bonds works for you to get the best pricing for your bond. Call us today at 844-589-9732.
Residential mortgage loan services in the state of Texas are regulated by the Texas Department of Saving and Mortgage Lending .
The Division of Licensing address for the Department is:
Texas Department of Savings & Mortgage Lending
Division of Licensing
2601 N. Lamar, Ste. 201
Austin, TX 78705
Their fax number is: 512-475-1360.
This Department is the obligee, which means that they are the entity which requires residential mortgage loan servicers to obtain the appropriate surety bond.
This bond is a prerequisite licensing.
The purpose of the Texas residential mortgage loan servicer bond is to protect the public, that is, consumers, or, others, from acts of fraud, theft, or criminal activity committed by a mortgage loan servicer, its officer, employers, managers, or owners in the course of their business activities.
The bond is made payable to the Department on behalf of consumers in Texas.
The state has determined that licensees will purchase a bond in one of two amounts:
The residential mortgage loan servicer bond license ends on 12/31 of each year.
Therefore, the bond should be purchased to run concurrent with licensing so as to prevent any lapse in bond coverage.
A lapse in bond coverage may result in the Department suspending the license until the lapse is cured.
A Texas residential mortgage loan servicer bond premium is determined by the following:
Applicants with good credit will pay a small percentage of the overall bond amount.
Applicants with poorer credit scores may pay substantially more; however AmeriPro Surety Bonds will be able to get you bonded regardless of your credit standing.
The residential mortgage application and bond are filed through NMLS, a handy entity which facilitates the electronic filing of the bond.
If an applicants hasn’t already, they will want to familiarize themselves with the procedures for the mortgage loan servicing license.
AmeriPro Surety Bonds will handle your surety bond from start to finish.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Texas.
We also provide surety bonds nationwide.
