How much will my Kansas supervised lender or mortgage company surety bond cost?
SuretyBonds.com offers Kansas supervised lender or mortgage company bonds for different costs depending on each applicant’s individual credit report. Although the price of this bond is subject to underwriting, our experts will work hard to get you your bond for the best price for your credit situation.
The required amount of mortgage company or supervised lender bonds vary depending on if the applicant engages in making loans secured by an interest in real property or contracts for deeds. These professionals are required to post a bond in the amount of $250,000. All other applicants must post a bond in the amount of $100,000.
A $25,000 bond must also be posted for every additional licensed location of business after the initial location.
Ready to get bonded? Let the experts at SuretyBonds.com do all of the hard work for you. Fill out a bond request form now!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Supervised Lender or Mortgage Company Bond (Loans secured by an interest in real property or contracts for deeds)||$250,000||Starts at $2,500||$10,000-$20,000||$25,000+||Apply Now|
|Supervised Lender or Mortgage Company Bond (All other applicants)||$100,000||Starts at $1,000||$4,000-$8,000||$10,000+||Apply Now|
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 this 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 and 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!
What’s the fine print?
Kansas supervised lender/mortgage company 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.
How to become a supervised lending or mortgage company in Kansas
To obtain a Kansas supervised lending or mortgage company bond, the applicant must furnish the following information on the application provided by the Kansas Office of the State Bank Commissioner:
- other trade name
- credit report
- disclosure questions
- financial statements
- business plans
- fingerprint cards
- notification of filing
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.
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