Mortgage originator employer bond cost
Pennsylvania mortgage originator employer bonds do not have a fixed amount. The bond amount is determined by the cash value of mortgage loans secured in the past year. For mortgage loan originators in their initial year, the bond amount will be equal to the projected cash value of loans to be secured in the proceeding year. The price you’ll pay for your bond will vary based on your personal credit report. Applicants with an excellent credit report might qualify to pay the minimum price of just 1% of the bond amount!
Our team of surety specialists is dedicated to getting all of our applicants bonded regardless of their credit status. Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why this bond
Mortgage originator employer bonds are required of any persons intending to hire mortgage originators and offer mortgage origination services in Pennsylvania. The bond ensures that the mortgage originators and the employer comply with the provisions of the Mortgage Licensing Act. It also ensures that the principal (the employer) pays all wages to his or her employees, as well as all moneys due to the Department or to any persons financially injured by unethical and unlawful business practices.
Mortgage originator employer bond details
Pennsylvania mortgage originator employer bonds are required by the Pennsylvania Department of Banking. Mortgage originator employer bonds are considered continuously effective until canceled. Sureties must give the state at least 30 days’ notice prior to any cancellation.
Become a mortgage originator employer
Licensees must commit to the following stipulations:
- comply with all provisions of the Mortgage Licensing Act
- comply with all provisions of the Loan Interest and Protection Law
The applicant should also provide the following information on their application for licensure:
- name of sponsoring licensee or excepted person of the applicant
- name of each business partner of the company, if applicable
- any other information required by the department
Our team of experts is ready to answer your questions.
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