Mortgage broker bond cost
Oregon mortgage broker bonds are required by the Oregon Department of Consumer and Business Services. The bond amount varies and is determined by the department, but there is a minimum bond amount of $50,000. These bonds are subject to underwriting, so the cost applicants will pay is directly related to their credit report. Applicants with strong credit could pay just 1% of the required bond amount!
Since both the amount and cost of this bond vary, it’s best to contact a surety specialist to receive a free, personalized bond quote.
Why this bond
Oregon mortgage lender bonds protect customers of mortgage lenders from any fraudulent business practices. Under this bond, principals (mortgage brokers) must adhere to all of the provisions stated in the Oregon Revised Statutes, Chapter 86A. Prohibited practices according to this act include:
- engaging in fraudulent activities
- failing to maintain accurate records
- employing loan originators who don’t meet necessary requirements
- and more
If you’re ready to get bonded, apply for a free bond quote now!
Mortgage broker bond details
Oregon mortgage broker bonds are continuous until canceled. If the surety decides to cancel this bond, it must provide 30 days of written notice to the Oregon Department of Consumer and Business Services Division of Finance and Corporate Securities.
When filling out the bond form, make sure that the correct bond amount is listed. To expedite the bonding process, applicants should verify their required bond amount with the state before getting bonded.
Become a mortgage broker
You must take the following steps to be considered for licensure as a mortgage lender in Oregon:
- file financial statements with the department
- set up a trust account for your clients in Oregon
- register with the department
- complete a background check
Applicants must have 3 years of prior experience working in the mortgage lending industry.
Apply today for a free bond quote! Our team of surety specialists works hard to get all applicants bonded quickly, easily and accurately.
Apply for your surety bond
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