Rhode Island Mortgage Broker Bond Requirements

To get a Rhode Island mortgage broker license and operate in the state, you need to get a mortgage broker bond.

The Division of Banking at the Rhode Island Department of Business Regulation regulates the activities of mortgage professionals in the state. It determines the licensing requirements you need to meet. You have to provide your application and documents via the Nationwide Mortgage Licensing System (NMLS).

Why Do I Need This Bond?

You need to post a surety bond to obtain a Rhode Island loan broker license. It is an additional protection measure that guarantees you will deliver mortgage services in legal compliance. It thus ensures you will follow Title 34 of the Rhode Island General Laws and all other relevant rules.

The bond safeguards the interests of your customers. They can seek fair reimbursement if they have suffered damages due to illegal actions on your part. The maximum compensation can be up to the penal sum of your bond.

Need more information about how bonding works? You can consult our ‘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 more questions about the mortgage broker bond requirement, you can contact us at 866.450.3412.

What Is the Rhode Island Mortgage Broker Bond Cost?

You need to pay a bond premium to get your mortgage broker bond. The surety bond cost is a percentage of the amount required by the Division of Banking.

In Rhode Island, mortgage brokers have to post a $20,000 surety bond for operating up to 3 branches.

The bond amounts for having additional branches are:

  • Between 4 and 7 branches - $30,000
  • More than 8 branches - $45,000

Factors Determining Your Bond Premium

When you apply with a surety, it has to consider several factors to evaluate your bond cost.

The most important one is your credit score. Applicants with a FICO score above 700 can get rates in the range of 0.75%-1.5% of the bond amount.

The other factors that your surety looks at are:

  • Personal and business finances
  • Any fixed and liquid assets
  • Business experience as a mortgage professional

You can find out an estimate of your bond cost based on the credit score in the table below.

Mortgage Broker Bond Cost By Credit Score In Rhode Island
Number of branch locations Bond Amount Bond Cost By Credit Score
Above 700 650-699 600-649 Below 599
Up to 3 branches $20,000 $150-$300 $200-$600 $300-$800 $600-$1,400
Between 4 and 7 branches $30,000 $225-$450 $300-$900 $450-$1,200 $900-$2,100
More than 8 branches $45,000 $338-$675 $450-$1,350 $675-$1,800 $1,350-$3,150

How to Apply For a Bond

Want to get started with your bonding? You just have to click on the banner below. Then you need to fill the application to obtain your free quote. When you get it, you can purchase your mortgage broker bond online.

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

Have further queries about the Rhode Island mortgage broker bond requirement? Don’t hesitate to call us at 866.450.3412.

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.