Mortgage broker bond cost
Florida’s Office of Financial Regulation requires mortgage brokers and lenders to post $10,000 surety bonds prior to conducting business. These bonds are subject to underwriting consideration, but qualified applicants could pay as low as $100 for their bonds.
Why this bond
Florida mortgage brokerage and mortgage lending act surety bonds are put in place to guarantee that principals (mortgage brokers and lenders) perform all duties and responsibilities under the provisions of the Mortgage Brokerage and Mortgage Lending Act (Chapter 494) of the Florida Statutes and abide by all rules and regulations of the Office of Financial Regulation.
These bonds protect harmed parties from financial loss that occurs as a result of the principal’s unlawful business practices. The principal must reimburse the surety for any damages paid out.
Mortgage broker bond details
Mortgage brokerage and mortgage lending act surety bonds can be canceled and discontinued by the surety if the surety gives written notice to both the principal and the Office of Financial Regulation at least 30 days prior to the effective cancellation date.
Apply for your surety bond
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