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California Residential Mortgage Lender or Servicer Bond

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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 either a $50,000 or $100,000 surety bond.

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
$50,000Residential Mortgage Lender or Servicer Bond
$100,000Residential Mortgage Lender or Servicer Bond

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 Additional Resources 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.

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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

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 Additional Resources section of this page.

Apply for your free surety bond quote now!

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Mortgage Industry Surety Bonds Available 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.

Call 1 (800) 308-4358 to talk with a Surety Expert