1 (844) 589-9732

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.

Texas Residential Mortgage Loan Servicer Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Texas Residential Mortgage Loan Servicers

 

 

 

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.

 

 

 

Texas Residential Mortgage Loan Servicer Bond: Purpose

 

 

 

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.

 

 

 

Texas Residential Mortgage Loan Servicer Bond: Amount

 

 

 

The state has determined that licensees will purchase a bond in one of two amounts:

  • If the servicing volume for a residential servicer is less than $25 million, a $25,000 surety bond is required;
  • If the servicing volume for a residential servicer is greater than $25 million, a $50,000 surety bond is required.

 

 

Texas Residential Mortgage Loan Servicer Bond: Duration

 

 

 

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.

 

 

 

Texas Residential Mortgage Loan Servicer Bond: Premium

 

 

 

A Texas residential mortgage loan servicer bond premium is determined by the following:

  • At what point during the year the bond is purchased;
  • The amount of bond purchased (that is, a $25,000 or a $50,000 surety bond);
  • The applicant’s credit score.

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.

 

 

 

After the Bond has been Purchased

 

 

 

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.

 

 

 

About AmeriPro Surety Bonds

 

 

 

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.

 

 

 

Call AmeriPro Surety Bonds today at: 844-589-9732