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For assistance with mortgage licensing contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
ssheasby@integritymortgagelicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Surety Bond Requirements by State
Here are the surety bond requirements by state. Some states vary based on lender or broker status and some states vary based on HUD Approval, net worth, or loan volume.Alabama - None
Alaska - None (possibly in July 2008)
Arizona Mortgage Broker - $10,000 if investors are solely limited to institutional investors and $15,000 if investors include non-institutional investors
Arizona Mortgage Banker - $25,000 if investors are solely limited to institutional investors and up to $100,000 if investors include non-institutional investors
Arkansas Broker - $50,000
Arkansas Lender - $100,000
California Residential Mortgage Lender - $50,000
California Finance Lender - $25,000
California Department of Real Estate - None
Colorado Mortgage Broker - $25,000
Colorado Supervised Lender - $25,000
Connecticut - $40,000 + $40,000 per branch
Delaware Mortgage Loan Broker - $25,000
Delaware Licensed Lender -
Annual Volume of Delaware Loans |
Minimum Required Amount of Surety Bond or Irrevocable Letter of Credit |
not more than $23,000,000 |
$50,000 |
$23,000,001 - $35,000,000 |
$75,000 |
$35,000,001 - $47,000,000 |
$100,000 |
$47,000,001 - $59,000,000 |
$125,000 |
$59,000,001 - $71,000,000 |
$150,000 |
$71,000,001 - $83,000,000 |
$175,000 |
$83,000,001 and over |
$200,000 |
Florida Lender/Correspondent Lender - $10,000
Georgia Mortgage Broker - $50,000
Georgia Mortgage Lender - $150,000
Hawaii Mortgage Broker - $15,000
Hawaii Foreign Lender Exemption - None
Idaho Mortgage Banker/Broker - $100,000 + $10,000 per branch
Illinois - $20,000
Indiana Loan Broker - $50,000
Indiana HUD Exemption - None
Indiana 2nd Loan License - None
Iowa - $50,000
Kansas Mortgage Company - $50,000 or $100,000 if no branch in Kansas
Kansas Supervised Loan - $250,000
Kentucky Mortgage Loan Company - $250,000
Kentucky Mortgage Loan Broker - $50,000
Louisiana Mortgage Lender/Broker - $50,000 or no bond requirement if you provide audited financials with at least $50,000 net worth
Maine Supervised Lender - $50,000
Maine Loan Broker License - $25,000
Maryland -
|
Surety Bond Structure for Mortgage Lenders |
|
| Loan activity Level | Bond Amount |
| No Lending Activity | $ 15,000.00 |
| $3 million or less | $ 50,000.00 |
| Over $3 million to $10 million | $ 100,000.00 |
| Over $10 million | $ 150,000.00 |
| Five or more applications at the same time | $750,000.00 |
Massachusetts Mortgage Broker - $75,000
Michigan First Mortgage Broker/Lender - $25,000
Michigan Second Mortgage Broker/Lender - $25,000
Minnesota - Must have one of the following: (1) approval as a mortgagee by either HUD or FNMA; (2) tangible net worth of $250,000; or (3) a $50,000 surety bond or letter of credit
Mississippi Mortgage Lender - $150,000
Mississippi Mortgage Broker - $25,000
Missouri Mortgage Broker - $20,000
Missouri HUD Exemption - None
Montana Mortgage Broker License - $25,000 + $25,000 per branch
Montana Mortgage Lender License - To be determined
Nebraska - $100,000
Nevada - None
New Hampshire Mortgage Banker - $20,000 or $100,000 if net worth below $100,000
New Hampshire Mortgage Broker - None
New Jersey Mortgage Banker/Correspondent Banker/Broker - $100,000
New Jersey Second Mortgage Lender - $50,000
New Mexico - $25,000
New York Mortgage Banker - Not Available
New York Mortgage Broker - $10,000
North Carolina Mortgage Banker - $150,000 or HUD approval and $250,000 net worth
North Carolina Mortgage Broker - $50,000
North Dakota - $25,000
Ohio - $50,000 + $10,000 for each additional office
Oklahoma Mortgage Broker - None
Oklahoma Supervised Lender - $5,000
Oklahoma HUD Exemption - None
Oregon - $25,000 + $5,000 per branch up to a maximum of $50,000
Pennsylvania - None ($100,000 if receiving trust funds)
Rhode Island Lender - $50,000 + $5,000 for each branch
Rhode Island Loan Broker - $20,000 + $5,000 for each branch
South Carolina Mortgage Broker - $10,000
South Dakota - $25,000
Tennessee Mortgage Lender - $200,000
Tennessee Mortgage Broker - $90,000
Tennessee Mortgage Registrant (HUD Exemption) - None
Texas Mortgage Broker - $50,000
Texas Mortgage Banker - None
Texas Regulated Lender - None
Utah - None
Vermont Licensed Lender - $50,000 + $50,000 per branch
Vermont Mortgage Broker - $25,000 + $25,000 per branch
Virginia Mortgage Lender - $50,000
Virginia Mortgage Broker - $25,000
Washington Mortgage Broker -
| Monthly Average number of Loan Originators | Minimum Surety Amount |
| 3 or fewer | $20,000.00 |
| greater than 3 to 6 | $30,000.00 |
| greater than 6 to 9 | $40,000.00 |
| greater than 9 to 15 | $50,000.00 |
| greater than 15 | $60,000.00 |
Washington, D.C. -
Total volume of loans was $1,000,000 or less - the required bond amount is $12,500 Total volume was more than $1,000,000 but not more than $2,000,000 - the required bond amount is $17,500 Total volume was more than $2,000,000 but not more than $3,000,000 - the required bond amount is $25,000 Total volume was more than $3,000,000 the required bond amount is $50,000
West Virginia Lender - $100,000
West Virginia Broker - $50,000 or $100,000 if engaged in tablefunding
Wisconsin
Wyoming - $25,000 plus $10,000 for each additional licensed location