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Alabama Mortgage Broker Bond

How much does a mortgage broker bond cost in Alabama?

The Alabama Mortgage Brokers Licensing Act, Consumer Credit Act and Safe Mortgage Licensing Act requires mortgage brokers to post surety bonds. The required bond amount varies based on the department requiring the bond, and applicants should verify their required bond amount with the state prior to bonding.

The best way to find out exactly how much you’ll pay for your surety bond is to request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Broker Bond Varies Starts at 1% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

We can provide your free, no-obligation bond quote within 1 business day. Call 1 (800) 308-4358 or submit a bond request to get started!

Why do I need this bond?

By posting an Alabama mortgage broker bond, principals (mortgage brokers) pledge to operate ethical business and adhere to all provisions stated in the Alabama Consumer Credit Act, Alabama Mortgage Broker Licensing Act and Alabama Secure and Fair Enforcement for Mortgage Licensing Act. These bonds protect consumers against fraud and other unethical practices committed by mortgage professionals.

Prohibited acts under this bond include:

  • obtaining property by intentional fraud
  • failing to make disclosures
  • collecting or charging any prohibited fee
  • failing to account for mortgage loan transaction monies
  • failing to comply with state laws

Apply for your free surety bond quote now!

What’s the fine print?

Alabama mortgage broker bonds expire annually on December 31. This bond may be continued for a subsequent year if the surety and principal sign a continuation certificate. These bonds remain in full force during their term unless canceled by the surety or principal. For cancellation, the surety must send a written cancellation notice to State of Alabama 60 days before the cancellation date.

How to become a mortgage broker in Alabama

Before applicants can start doing business as a mortgage broker in Alabama, they must be licensed. Applicants must submit completed license applications to the Supervisor of the Bureau of Loans. Completed applications must include:

  • $75 license fee
  • fingerprints
  • personal history and experience
  • independent credit report
  • surety bond

The Supervisor may require applicants to submit additional information for license issuance.

Take the first step toward becoming licensed in Alabama by purchasing your mortgage broker bond quickly, easily and accurately!

Mortgage Industry Surety Bonds Avaiable Nationwide

Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.

Ready to get started?

Get a FREE Mortgage Broker Bond Quote Today!

Additional Resources

Alabama Secure and Fair Enforcement for Mortgage Licensing Act Title 5, Chapter 26

State of Alabama State Banking Department How To:

State of Alabama State Banking Department Original Applications

State of Alabama State Banking Department Laws

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