What Is a Kentucky Mortgage Loan Originator Bond?
Kentucky mortgage loan originator bonds ensure that consumers who are unjustly wronged in a mortgage transaction have a means of compensation for financial losses.
SuretyBonds.com also issues bonds for Kentucky mortgage brokers and mortgage companies.
How Much Do Kentucky Mortgage Loan Originator Bonds Cost?
The Kentucky Department of Financial Institutions determines the necessary bond coverage for licensed mortgage loan originators (MLOs) based on annual loan volume:
- MLOs with under $10M in annual loan volume: $15,000 bond, $225 flat rate
- MLOs with over $10M in annual loan volume: $20,000 bond, $300 flat rate
Select your bond amount below to buy online now.
How to Get a Mortgage Originator License Bond in Kentucky
With SuretyBonds.com, you can get your Kentucky mortgage loan originator bond online in minutes. Simply select your bond amount, enter your information, and checkout.
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records.
If you work as a mortgage professional in several states, we offer mortgage industry license bonds nationwide.
How Do Mortgage License Surety Bonds Work?
Mortgage loan originator bonds in Kentucky protect the public from unlawful mortgage lending practices. If the bonded principal creates unjust financial harm for a consumer, the surety will cover damages up to the full bond amount. Then, the principal must reimburse the surety.
When Do I Need to Renew My MLO Bond?
You must renew your bond annually to maintain active coverage. Your SuretyBonds.com account manager will contact you 90 days in advance to set up your renewal.
To cancel the bond, the principal or surety must send 30-day’s written notice to the obligee.
How to Become a Mortgage Loan Originator in Kentucky
Mortgage loan originators in Kentucky must be licensed with the Department of Financial Institutions. Complete the following steps to submit your license application:
- Complete 20 hours of pre-licensing education.
- Pass the national test component with uniform state content.
- Submit the application form online via the NMLS.
- Consent to a credit report through the NMLS.
- File a surety bond independently or through an employer
- Pay the $50 registration fee and $30 NMLS processing fee
Use the NMLS KY Loan Originator Application Checklist to ensure you meet all the licensing requirements.
