New Jersey Mortgage Broker Bond

    New Jersey has had regulation in effect since July 1, 1981, when the New Jersey Licensed Lenders Act took effect. The lender act is regulated by The New Jersey Department of Banking and Insurance. As per the statute, each business that is looking to become licensed must also license an individual. This person must be an officer, member or partner of the business entity, and must also pass examination, and maintain a net worth of $50,000.
    New Jersey is one of the more lax states when it comes to competency requirements. The state requires an examination, $50,000 in net worth of the individual license holder and a surety bond of between $25,000 to $250,000.
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New Jersey Mortgage Bond Markets

The New Jersey Mortgage Broker Bond form contains the key legal language that sureties look for when deciding to write in certain states. Because of this there is plenty of markets place this mortgage bond, allowing for competitive rates. The bond amount its self varies from $25,000 to $250,000, the actual amount is determined by company size, and applications accepted in the previous year.

Bad Credit Mortgage Broker Bonds

Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, inc offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.

New Jersey Licensure Requirements*

Applicant Requirements:

  • Age: No Requirement
  • State Residency: No Requirement
  • Experience: No Requirement
  • Education: No Requirement
  • Continuing Education: No Requirement
  • Examination: The person designated on the license must pass an examination. If applicant is a business entity, an officer or principle of that entity must pass the examination and acquire a license
  • Fitness For Licensure: Applicant must demonstrate financial responsibility (net worth of $50,000), character, experience, and general fitness
  • Net Worth: $50,000
  • Surety Bond: Initial License, One Authority (authority to conduct mortgage brokering only): $100,000. Two Authorities (authority to conduct mortgage brokering and a corresponding mortgage banking business): $150,000
  • Surety Bond: Following Submission of annual report. Applicants Taken: 0 to 100: $100,000 Bond, 101 to 300: $150,000 Bond, 301 to 500: $200,000 Bond, 501+: $250,000 Bond
  • Background Check: Applicant must submit name, address, fingerprints, and written consent to a criminal background check to the commissioner
  • Managing Principal: No Requirement

State Licensing Fees:

  • Initial Application: $700 Application Fee (One Authority), $1,000 Application Fee (Two Authorities), $1,300 Application Fee (Three Authorities), $1,600 Application Fee (Four Authorities) PLUS One Authority $1,400 (biennial fee), Two Authorities $2,800 (biennial fee), Three Authorities $4,200 (biennial fee), Four Authorities $5,600 (biennial fee)
  • Branch Application: $700 Application Fee (One Authority), $1,000 Application Fee (Two Authorities), $1,300 Application Fee (Three Authorities), $1,600 Application Fee (Four Authorities) PLUS One Authority $1,400 (biennial fee), Two Authorities $2,800 (biennial fee), Three Authorities $4,200 (biennial fee), Four Authorities $5,600 (biennial fee)
  • Renewal Application: One Authority $1,400 (biennial fee), Two Authorities $2,800 (biennial fee), Three Authorities $4,200 (biennial fee), Four Authorities $5,600 (biennial fee)

Employee Requirements:

  • Age: No Requirement
  • State Residency: No Requirement
  • Experience: No Requirement
  • Education: No Requirement
  • Continuing Education: No Requirement
  • Examination: No Requirement
  • Fitness For Licensure: No Requirement
  • Net Worth: No Requirement
  • Surety Bond: No Requirement
  • Background Check: Applicant must submit name, address, fingerprints, and written consent to a criminal background check to the commissioner
  • Managing Principal: No Requirement
  • Exemptions: No Requirement
  • Licensing Fee: $100
  • Renewal Fee: $100

Branch Offices:

  • In State Requirements: A License is required for in-state offices.
  • Licensure Requirements: A license is required for each branch office.
  • Branch Manager: A person to oversee the operations of the branch office must be knowledgeable about the branch activities of the licensee, must supervise compliance of the branch to applicable laws and regulations, and have sufficient authority to do so. No person may supervise more then one office, and the individual supervising must be present at least 50% of the time.

Exemptions:

  • Entities: Regulated financials institutions, insurance companies, lawyers, and real estate agents.
  • Safe Harbor: None

*Information for state licensing is provided as a guide, always verify with the state that the information is correct.

How to apply:

1.) Visit the commercial application page.
2.) Complete our online application.