Who needs this bond
Licensed mortgage bankers in every state that participates in NMLS ESB (most do). Required at initial licensing and at every annual renewal.
Typical amount and term
Bond amount varies by state and origination volume, typically 25,000 to 500,000 dollars. Premium 1 to 3 percent of bond amount for well-qualified entities.
What you will need
- NMLS Unique Identifier for the company
- State of licensure and current origination volume
- Company financials, owner personal credit
How to apply
- Provide NMLS ID and target state list
- Receive a per-state quote within one business day
- Bond signed in NMLS by surety; you file electronically at renewal