Mortgage lender licensee bond cost
The required amount of Maryland mortgage lender licensee bonds varies based on the volume of loans produced by a mortgage lender in the previous year. The amount you’ll pay for your bond depends directly on your bond amount and personal credit report.
Why this bond
Maryland mortgage lender licensee bonds ensure that principals (mortgage lenders) are held liable for any and all financial losses suffered by customers or the state as a result of their unethical or unlawful business practices. Prohibited actions include, but are not limited to, the following:
- depositing clients’ money into an unauthorized account
- making fraudulent claims to customers
- acting as a mortgage lender without a license
Mortgage lender licensee surety bonds are required by the State of Maryland Commissioner of Financial Regulation and are regulated by the Maryland Mortgage Lender Law found under the Maryland Financial Institutions Code. Mortgage lender licensee bonds are continuous until canceled, and the surety must provide the state with at least 60 days of notice prior to cancellation.
This surety bond form covers 6 types of licenses in Maryland , so be sure to tell our experts which license you’re applying for so we can get you the bond you need.
Become a mortgage lender licensee
Prior to submitting a license application, applicants must supply the following:
- surety bond amount based on the aggregate volume of business
- a criminal background check (federal and state)
- financial responsibility/credit worthiness
- proof of at least 3 years of experience in the mortgage lending business
- entity specific documents (articles of incorporation, articles of organization, by-laws, operating agreement, partnership agreement, limited partnership agreement)
- certificate of authority/good standing certificate from the state (if applicable)
- trade name certificate (if applicable)
To become licensed as a mortgage lender, applicants must first obtain a surety bond.
Apply for your surety bond
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- Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Applicants and Forms
- Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Mortgage Lenders, Brokers and/or Services
- NMLS Maryland Mortgage Lender License
- Maryland Mortgage Lenders/Brokers/Services Licensee Surety Bond Form