Mortgage broker bond cost
The Georgia Department Banking and Finance requires mortgage brokers and lenders to post surety bonds in varying amounts— starting at $50,000— as a licensing requirement. Since the amount of the bond varies, applicants must verify their required coverage amount with the state prior to bonding.
The price you’ll pay for your Georgia surety bond is subject to underwriting and ultimately based on a review of your personal credit report and your required bond amount.
Why this bond
By purchasing a Georgia mortgage broker/lender bond, principals (mortgage brokers/lenders) pledge to conduct business in compliance with the provisions of the Georgia Residential Mortgage Act and all other pertaining rules and regulations.
If the principal fails to conduct business ethically and lawfully, the bond ensures that the principal pays all sums of money as necessary to the state or any person suffering loss due to noncompliance by the principal.
The surety will initially cover any damages up to the full bond amount, and the principal must reimburse the surety for any damages paid out.
Mortgage broker bond details
Mortgage broker and mortgage lender bonds in Georgia become effective as of the date listed on the bond, and the obligation can be continued with an annual renewal certificate.
The surety can cancel the bond by giving written notice of cancellation via registered or certified mail to the Department of Banking and Finance. Cancellation becomes effective no less than 30 days after the department receives the notice.
Apply for your surety bond
Get a FREE Mortgage Broker or Lender Bond Quote Today! Click here to begin