Ohio Mortgage Bond Markets
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.
Ohio Licensure Requirements*
Applicant Requirements:
- Age: No Requirement
- State Residency: No Requirement
- Experience: 3+ years in the mortgage lending field. If applicant is a corporation, partnership, or any other business entity the operations manager must fulfill the experience requirement.
- Education: Operations manager complete 24 hours of live classroom instruction.
- Continuing Education: 6 hours annually
- Examination: Operations manager must pass examination.
- Fitness For Licensure: Applicant must demonstrate: experience, character, financial responsibility, and general character.
- Net Worth: No Requirement
- Surety Bond: $25,000 mortgage surety bond
- Background Check: Operation managers, owner with 5% ownership, partner, and officers must submit fingerprints as well as consent to a criminal background check.
- Managing Principal: If the applicant is a business entity, then an operation manager shall be chosen who fulfills the experience, education, and examination requirements. The Operations Manager must be a licensed loan officers
State Licensing Fees:
- Initial Application: $350 registration fee, $350 application fee.
- Branch Application: $350 branch registration fee.
- Renewal Application: $350 renewal fee, $350 branch renewal fee.
Employee Requirements:
- Age: No Requirement
- State Residency: No Requirement
- Experience: No Requirement
- Education: No Requirement
- Continuing Education: licensee must complete 6 hours annually
- Examination: With in 90 days of original issuance of loan officer license, licensee shall successfully complete as approved examination.
- Fitness For Licensure: Character and general fitness.
- Net Worth: No Requirement
- Surety Bond: No Requirement
- Background Check: Applicant shall submit a set of fingerprints, as well as consent to a background check.
- Exemptions: A loan officer may not be employed by more hen one registrant at a time. Owner, officers, and partners who are not acting as the operations manager must register as a loan officer if they wish to act in that capacity. If a clerical employee provides assistance in taking and preparing mortgages loan applications, then this employee must be licensed as well.
- Licensing Fee: $100 License fee
- Renewal Fee: $100 Renewal fee
Branch Offices:
- In State Requirements: A registrant must maintain an office in state.
- Licensure Requirements: A registrant must obtain a separate registration for each branch office in the state of Ohio.
- Branch Manager: None
Exemptions:
- Entities: Regulated financial institutions.
- 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.