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Kentucky Mortgage Loan Broker Bond

How much does a mortgage loan broker bond cost in Kentucky?

The Kentucky Department of Financial institutions requires mortgage loan brokers to post $50,000 surety bonds.

These bonds are subject to underwriting, which means that the price you’ll pay is based on a review of your personal credit report. Request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Loan Broker Bond $50,000 Starts at $500 $2,000-4,000 $5,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Submit a bond request or call 1 (800) 308-4358 to begin our fast and easy bonding process! We can typically provide your free bond quote within 1 business day of submitting your application.

Why do I need this bond?

By posting a Kentucky mortgage loan broker bond, principals (mortgage loan brokers) pledge to fully comply with all the provisions of the KRS statute Chapter 286.8. Specifically, these bonds ensure that if the principal partakes in any fraudulent act and consumers are harmed as a result, the surety will compensate all harmed parties up to the full bond amount.

Prohibited acts under this bond include:

  • employing a scheme, artifice or device to defraud
  • failing to disburse funds
  • delaying the close of a mortgage loan to increase fees, costs and interest
  • obtaining property by misrepresentation
  • failing to make disclosures
  • failing to comply with federal laws

Ultimately, the principal must reimburse the surety for all damages paid out.

Request your free bond quote now!

What’s the fine print?

Kentucky mortgage loan broker bonds remain continuous unless the surety chooses to cancel the bond. For cancellation, the surety must send a written cancellation notice to the commissioner 30 days prior to the effective cancellation date.

All Kentucky bonds are subject to a state-imposed 1.8% surcharge.

How to become a mortgage loan broker in Kentucky

To act as a broker in the Commonwealth of Kentucky, individuals must be licensed. To be eligible for licensure, applicants must complete all educational training courses, maintain a documented funding source of at least $1,000,000 and maintain a net worth of more than $100,000.

In addition to submitting proof of a funding source and net worth, applicants must attach a $50,000 surety bond, $750 licensing fee and $100 processing fee to the application.

All licenses must be renewed by November 30 of each year.

Take the first step toward becoming licensed by purchasing your Kentucky surety bond quickly, easily and accurately!

Ready to get started?

Get a FREE Mortgage Loan Broker Bond Quote Today!

Public Protection Cabinet Department of Financial Institutions Mortgage Licensing Exemptions

Kentucky Legislature Kentucky Revised Statutes KRS Chapter 286.8

Commonwealth of Kentucky Department of Financial Institutions Surety Bond Mortgage Loan Broker

Mortgage Loan Broker Loan File Checklist

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