Are There Any Surety Bond Requirements for Florida Mortgage Brokers?
As of January 1, 2023, Florida mortgage brokers are no longer required to obtain a surety bond as part of the state’s licensing process. This change was enacted through an amendment to Chapter 494 of the Florida Mortgage Brokerage and Mortgage Lending Act by the Florida Office of Financial Regulation (OFR). According to the OFR, the goal was to ease the regulatory burden and make it simpler for new mortgage brokers to enter the industry.
It's important to note, however, that mortgage lender applicants in Florida are still required to submit a $10,000 surety bond as part of their licensing requirements.
While Florida has eliminated the bond requirement for brokers, many other states still mandate mortgage broker bonds, and the required amounts can vary widely.
Despite the removal of the bond requirement, Florida mortgage brokers must still be licensed through the OFR and comply with all applicable state regulations. This includes completing pre-licensing education, passing a licensing exam, undergoing a background check, and meeting financial responsibility standards.
If you’re a mortgage broker who’s been required to get bonded in your state, contact us at 866.450.3412, and we’ll help you secure the bond you need.
