Florida Mortgage Brokerage and Lending Act Bond
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NOTE: THE STATE OF FLORIDA NO LONGER REQUIRES A MORTGAGE BROKER BOND. SUBMIT A REQUIREMENT LETTER TO FIND OUT MORE.
How much does a mortgage broker bond cost in Florida?
Florida’s Office of Financial Regulation requires mortgage brokers and lenders to post $10,000 surety bonds prior to conducting business.
These bonds are subject to underwriting consideration, but qualified applicants could pay as little as $100 for their bond.
Begin the bonding process by calling 1 (800) 308-4358. Our experts can typically provide free, no-obligation bond quotes within one business day of submitting your application.
Why do I need this bond?
Florida mortgage brokerage and Mortgage Lending Act surety bonds are put in place to guarantee that principals (mortgage brokers and lenders) perform all duties and responsibilities under the provisions of the Mortgage Brokerage and Mortgage Lending Act (Chapter 494) of the Florida Statutes and abide by all rules and regulations of the Office of Financial Regulation.
These bonds protect harmed parties from financial loss that occurs as a result of the principal’s unlawful business practices. The principal must reimburse the surety for any damages paid out.
What’s the fine print?
Mortgage brokerage and Mortgage Lending Act surety bonds can be canceled and discontinued by the surety if the surety gives written notice to both the principal and the Office of Financial Regulation at least 30 days prior to the effective cancellation date.
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.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
