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How much does a Delaware licensed lender bond cost?
Annual premiums start at $375 for the state-required 1-year term. Your exact cost will be provided after a quick application underwriting review calculated as a small percentage of the required bond amount based on your previous year's loan volume.
How can you get a Delaware licensed lender surety bond?
You can apply for your Delaware licensed lender bond online 24/7 through our safe and secure application portal. You must provide the following information for State Bank Commissioner approval.
- previous year's volume of Delaware loans
Once your order is processed, SuretyBonds.com will file your Delaware bond directly with the NMLS.
How fast can I get a licensed lender bond?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and file your official Delaware licensed lender 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 any questions about Delaware mortgage bonds or your application, call 1(800)308-4358 to speak with one of our friendly surety experts.
What is a Delaware licensed lender bond?
Delaware Code Chapter 22, Title 5 requires individuals file a surety bond as part of the Delaware mortgage licensing application process. By filing these bonds, license lenders agree to comply with the code's regulatory requirements for the industry when engaging in licensed lender business. The required bond amount ranges from $50,000 to $200,000 based on the previous year's annual volume of mortgage loans.
Why do you need a Delaware licensed lender bond?
These bonds protect individuals if a licensed lender or mortgage loan originator fails to comply with the Delaware code and commits a wrongful act such as default, fraud, or misrepresentation. If a valid claim is made against the bond, the surety company will pay damages up to the full bond amount, which the bonded lender or mortgage loan originator must reimburse.
Who regulates licensing for lenders in Delaware?
The Delaware Office of the State Bank Commissioner enforces licensing requirements for financial services lenders in the state. The Nationwide Mortgage Licensing System (NMLS) manages application submissions on behalf of the state.
How do I update or change my mortgage bond form?
If the State Bank Commissioner requires your surety bond documentation 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 change requested is the financial services lender's name.
How do Delaware licensed lenders renew your bond?
You must renew your Delaware lender bond whenever the current term expires. Once you pay your SuretyBonds.com renewal invoice, you'll receive renewal instructions by email to keep your bond and license active with the NMLS.
What are the requirements to be a licensed lender in Delaware?
1. Submit a notarized application prescribed by the Commissioner that includes the following information.
- information about your corporation, LLC, or partnership
- information about the designated agent and all principals of the licensed lender
- personal resumes and financial statements for all principals
- a detailed business plan outlining the lending activities the applicant plans to engage in, including the maximum loan amount issued
- insurance products sold beyond credit life and accident and health insurance
- at least 3 reference letters
2. Pay the $250 annual license fee (per location); checks should be payable to the State of Delaware.
3. Purchase the required Delaware surety bond form in the required amount based on loan volume.
4. Collect the past 6 months' detailed business and recent personal financial statements of the owner/applicant. This should include a recent balance sheet and income (profit/loss) statement.
The Delaware Bank Commissioner's Office will review your application and communicate with you through NMLS. If you have questions about the licensing process, call 1(302)739-4235 or e-mail [email protected].
Licenses expire annually on December 31.
Find information about mortgage industry surety bond requirements in other states below.