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.

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

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

* The table provides a bond cost ballpark estimate based on the applicant's credit score. Actual bond prices can differ due to a number of factors. For an exact quote, please complete our online application. It's fast and 100% free!.

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.

Not ready to apply? Then simply get a free no-obligations quote, so you can see our low prices!

Do you need more information about the bonding? You can call us at 866.450.3412 to speak with our mortgage lender bonding experts.

About us:
Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.