Arkansas Mortgage Broker, Banker, and/or Servicer Bond
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How much does an Arkansas mortgage broker, banker, or servicer bond cost?
Arkansas mortgage broker, banker, and/or servicer bond costs start at $750 annually. Your personal premium will be provided after a quick application review based on your license type and annual loan volume.
How do I get an Arkansas mortgage broker, banker, or servicer bond?
You can apply for your Arkansas mortgage broker, banker, and/or servicer bond online 24/7. You must provide the following information for Securities Department and NMLS filing approval.
- mortgage professional licensee name
- mortgage loan license type(s)
- NMLS ID license number
- your loan volume activity during the previous year
Once your order has been processed, SuretyBonds.com will file your Arkansas mortgage license bond directly with the NMLS.
How fast can I get a mortgage loan license bond?
Our industry-leading technology and responsive customer service team allow us to file your official Arkansas mortgage broker, mortgage banker, or mortgage servicer bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about Arkansas mortgage bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage license bond process so you can get back to running your business.
What is an Arkansas mortgage banker, broker, or servicer bond?
Arkansas Code Annotated Section 23-39-505(f) requires mortgage brokers, mortgage bankers, and mortgage servicers file a minimum $100,000 surety bond. The state's official form is titled “SURETY BOND Combination Mortgage Broker, Mortgage Banker, and/or Mortgage Servicer” but is more commonly known as the “mortgage broker bond," “mortgage banker bond,” or "mortgage servicer bond.” This surety bond specifically ensures licensed mortgage professionals work according to the Arkansas Fair Mortgage Lending Act.
Why is the mortgage servicer, broker, or banker bond required?
You must file this surety bond before being licensed as a mortgage broker, mortgage banker, and/or mortgage servicer in Arkansas. By filing this surety bond, you agree to comply with the Arkansas Fair Mortgage Lending Act while providing mortgage loan financial services. If you fail to do so, your bond provides financial protection to the state or consumers up to your full bond amount. You must reimburse your surety company for any claims they pay.
Who regulates Arkansas mortgage brokers, bankers, and servicers?
The Arkansas Securities Department enforces licensing for mortgage company registration, including mortgage license bond requirements. If you have questions about your existing mortgage company license, new mortgage loan license application, or state consumer finance law, you can contact the Department by calling 1(501)324-9260 or emailing [email protected].
The Arkansas Securities Department requires this bond for state mortgage company license compliance. If you work as a mortgage professional in other states, we also offer mortgage industry license bonds nationwide.
What is my Arkansas mortgage loan bond amount?
Your required Arkansas surety bond amount is based on your prior year activity.
- Prior year mortgage loan activity less than or equal to $10,000,000: $100,000 bond amount
- Prior year mortgage loan activity between $10,000,001 and $25,000,000: $150,000 bond amount
- Prior year mortgage loan activity more than $25,000,000: $200,000 bond amount
How do Arkansas mortgage loan professionals file your bond?
SuretyBonds.com will electronically file your bond with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and NMLS to be sure your bond is filed quickly and accurately to meet all Arkansas state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
How do I update or change my mortgage company registration bond?
If the Arkansas Securities Department requires your NMLS bond filing to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your bond's mortgage license information to match your NMLS ID information.
How do I renew my mortgage servicer, mortgage banker, or mortgage broker bond?
You must renew your Arkansas mortgage broker, banker, and/or servicer bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next NMLS license term.
How do mortgage brokers, bankers, or servicers apply for a license in Arkansas?
Complete the following steps to apply for your Arkansas mortgage company license online through the Nationwide Multistate Licensing System (NMLS).
- Determine if you need a mortgage banker license, mortgage broker license, mortgage servicer license, or combination mortgage broker/mortgage banker/mortgage servicer licenses.
- Provide all information and documentation for your NMLS application.
- Purchase and file your Arkansas surety bond in the required bond amount.
- Pay the $750 application fee and $100 NMLS fee.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
