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How much does a Kansas supervised lender or mortgage company surety bond cost?
SuretyBonds.com offers Kansas supervised lender or mortgage company bonds at different rates, depending on each applicant’s individual credit report. Although the price of these bonds is subject to underwriting, our experts will work hard to get your bond at the lowest cost to you.
The required amount of supervised lender bonds vary depending on the number of locations to be covered by the bond. A surety bond that only covers the original location must be in the amount of $100,000 and increases by $25,000 for each branch location to be covered. The maximum supervised lender bond amount is $300,000.
Mortgage company bond amounts are determined based on whether or not the company has a bona fide office location in Kansas, as well as the amount of annual mortgage loans made by the company.
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Call SuretyBonds.com at 1 (800) 308-4358 or click here to submit an online bond request form to get started!
Why do I need a supervised lender or mortgage company bond?
By posting a surety bond, Kansas mortgage professionals agree to conduct business in compliance with applicable state and federal laws, including the Uniform Consumer Credit Code and the Kansas Mortgage Business Act. This specific bond ensures that if consumers are wronged by a mortgage professional’s business practices, they can be compensated for any resulting financial losses.
Additionally, the bond states that the surety underwriting company that produces the bond will promptly remit payment if the principal (mortgage professional) fails to pay any of the following:
- expenses, fines, fees, or refunds pursuant to a settlement agreement with the State of Kansas Office of the State Bank Commissioner (OSBC)
- expenses, fines, or fees that become lawfully due pursuant to a final judgment or order
- any losses or damages that are determined by the OSBC to have been incurred by any borrower or consumer as a result of the principal’s or its agent’s failure to faithfully comply with the laws of the state and industry
The mortgage professional must reimburse the surety for any damages paid out.
Have more questions about this bond? The mortgage bond experts at SuretyBonds.com can help! Give us a call at 1 (800) 308-4358 or fill out a bond request to connect with a surety specialist who will walk you through our easy bonding process!
Kansas supervised lender or mortgage surety bond requirements
Kansas supervised lender/mortgage bonds remain in effect during the period of registration. If the surety chooses to terminate the bond, 30 days' notice prior to cancellation must be given to the OSBC Kansas. According to NMLS, a supervised loan is defined as a loan in which the annual percentage rate exceeds 12% per year made by a person regularly engaged in the business of making loans.
How to become a Kansas supervised lending or mortgage company
To obtain a Kansas supervised lending or mortgage company license, the applicant must furnish the following information on the application provided by the OSBC Kansas:
- Other trade name
- Authorized credit report through NMLS
- A copy of any applicable orders or supporting documents to the Disclosure Explanation section
- Financial statements; if not claiming a Kansas exact location, you must submit evidence of a minimum net worth of $50,000
- If the Company Form indicates business is conducted from branch offices, a Branch Form must be submitted for each location
- A business plan outlining the company’s marketing strategy, operating structure, products, and target markets
- Fingerprint cards
- Notification of filing
- Pay the OSBC application fee of $650 and the NMLS initial processing fee of $100
A supervised lender’s license is required for each location where supervised lending activities occur. If the lender has more than one place of business, a master license must be obtained.
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.
Ready to get started?
State of Kansas Office of the State Bank Commissioner Surety Bond Supervised Lender or Mortgage Company form
NMLS Kansas Supervised Loan License
State Bank Commissioner of Kansas
NMLS Company New Application Checklist Kansas Supervised Loan License
NMLS Resource Center State Licensing Requirements Kansas
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