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California Residential Mortgage Lender and/or Servicer Bond

How much does a mortgage lender surety bond cost in California?

California’s Department of Business Oversight requires residential mortgage lenders and servicers to post $50,000 surety bonds.

These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. Some surety underwriting companies might require additional business financials and a current financial statement, so having these documents handy could expedite the bonding process. Request your free surety bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Bond of Residential Mortgage Lender and/or Services $50,000 Starts at $500 $2,500-5,000 $5,000+ 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.

One of our surety specialists will personally walk you through each step of our fast and easy bonding process. Give us a call at 1 (800) 308-4358 or submit a bond request now!

Why do I need this bond?

By posting a California residential mortgage lender and/or servicer surety bond, principals (lenders and/or services) and their agents and employees agree to abide by the provisions of the California Residential Mortgage Lending Act and all of the rules and regulations made by the Commissioner of Business Oversight of the State of California. Specifically, principals pledge to apply all funds received during lending/servicing transactions.

For a complete list of prohibited actions under this bond, check out the California Code Section 5024, which can be accessed from the Important Links section of this page.

If the principal fails to comply with the terms of the surety bond contract and the letter of the law, the surety will protect the state and any person who suffers financial loss as a result up to the full amount of the bond. The principal must reimburse the surety for any money paid out.

Ready to get bonded quickly and easily? Start here!

What’s the fine print?

Residential mortgage lender and/or servicer surety bonds in California can be canceled by the surety in accordance with the provisions of Sections 996.320 and 996.330 of the Code of Civil Procedure of the State of California.

How to become a residential mortgage lender or servicer in California

Before being able to provide services, residential mortgage lenders and servicers in California must apply for and receive a Residential Mortgage Lending Act license. Applicants must submit a request to the Nationwide Mortgage Licensing System and Registry. The commissioner issues the applicant a license if the following conditions are satisfied:

  • complete application submitted with background and experience disclosures
  • $1,100 non-refundable licensing fee filed
  • findings of sufficient financial responsibility, good character and necessary experience
  • findings to support the notion the applicant will operate business honestly and fairly
  • and more

For a complete step-by-step guide on how to apply for a Residential Mortgage Lending Act license in California, see the Quick Guide for Submitting a Complete Company Form in the Important Links section of this page.

Apply for your free surety bond quote now!

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Get a FREE Residential Mortgage Lender and/or Servicer Bond Quote Today!

State of California Department of Business Oversight Bond of Residential Mortgage Lender and/or Servicer form

Company (MU1) Form Filing

California Residential Mortgage Lending Act

California Department of Business Oversight

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