Mortgage Lender Bond Requirements
If you want to operate as a mortgage lender in Oklahoma, you have to obtain a $100,000 mortgage lender bond. It is one of the main criteria that you have to meet during the licensing process.
The licensing requirements are set by the Oklahoma Department of Consumer Credit. The actual process is conducted through the Nationwide Mortgage Licensing System (NMLS).
Why Do I Need This Bond?
This surety bond ensures that you will follow the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the applicable laws. As noted, it is an indispensable requirement for obtaining an Oklahoma mortgage license.
If you violate the conditions of the bond, you can receive a claim against it to compensate for any losses. Harmed parties can demand compensation of up to the $100,000 bond amount that you have posted.
If you want to learn more about how surety bonds work and why they are required, don’t miss our extended ‘What is a surety bond’ guide.
For further questions about getting bonded, you can reach us at 866.450.3412!
How Much Does the Oklahoma Mortgage Lender Bond Cost?
The cost of your surety bond depends on the amount that is required of you. In this case, it is $100,000.
The bond premium that you have to pay to get bonded is a fraction of this amount. It is based on a number of indicators that your surety provider has to evaluate.
Factors That Determine Your Bond Premium
Your personal credit score is the most significant factor that affects your bond premium. It is considered as the strongest indicator of your financial stability.
If your credit score is above 700 FICO, for example, your bond rate can be between 0.75%-1.5% of the total bond amount. For lower scores, the bond rates can go as high as 7%.
The other factors that your surety will consider when formulating your bond cost include:
- Personal and business financial statements
- Any fixed and liquid assets
- Professional experience
For a ballpark estimate of your bond premium, consult the table below.
|Mortgage Lender Bond Cost By Credit Score In Oklahoma|
|License type||Bond Amount||Bond Cost By Credit Score|
|Above 700||650-700||600-650||Below 600|
|Oklahoma Mortgage Lender License||$100,000||$750-$1,500||$1,000-$3,000||$1,500-$4,000||$3,000-$7,000|
How to Apply For a Bond
Getting started with your bonding process is simple. You can click on the banner below to get a free quote. Once you complete the application form, you can purchase and print your Oklahoma mortgage lender bond online.
Do you need more information about the bonding? You can call us at 866.450.3412 to speak with our mortgage lender bonding experts.