How much does a mortgage lender licensee bond cost in Maryland?
The required amount of Maryland mortgage lender licensee bonds varies based on the volume of loans produced by a mortgage lender in the previous year. The amount you’ll pay for your bond depends directly on your bond amount and personal credit report.
Because the required amount and price of this bond vary so much, it’s best to give us a call at 1 (800) 308-4358 to speak directly with a surety expert who can give you a personalized, free surety bond quote. Or, you can submit an online contact form, and one of our experts will contact you right away!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Mortgage Lender Licensee Bond (Less than $3,000,000 in loans)||$50,000||Starts at $500||$2,500-4,000||$5,000+||Apply Now|
|Mortgage Lender Licensee Bond ($3,000,000-$10,000,000 in loans)||$100,000||Starts at $1,000||$5,000-8,000||$10,000+||Apply Now|
|Mortgage Lender Licensee Bond (Greater than $10,000,000 in loans)||$150,000||Starts at $1,500||$7,500-12,000||$15,000+||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
Maryland mortgage lender licensee bonds ensure that principals (mortgage lenders) are held liable for any and all financial losses suffered by customers or the state as a result of their unethical or unlawful business practices. Prohibited actions include, but are not limited to, the following:
- depositing clients’ money into an unauthorized account
- making fraudulent claims to customers
- acting as a mortgage lender without a license
Our team of surety experts is here to help you with any bonding questions you might have. Submit a bond request during our business hours, and one of our bond experts will call you right away to walk you through our easy bonding process and get you a free, no-strings-attached surety bond quote.
What’s the fine print?
Mortgage lender licensee surety bonds are required by the State of Maryland Commissioner of Financial Regulation and are regulated by the Maryland Mortgage Lender Law found under the Maryland Financial Institutions Code. Mortgage lender licensee bonds are continuous until canceled, and the surety must provide the state with at least 60 days of notice prior to cancellation.
This surety bond form covers 6 types of licenses in Maryland, so be sure to tell our experts which license you’re applying for so we can get you the bond you need.
How to become a mortgage lender licensee in Maryland
Prior to submitting a license application, applicants must supply the following:
- surety bond amount based on the aggregate volume of business
- a criminal background check (federal and state)
- financial responsibility/credit worthiness
- proof of at least 3 years of experience in the mortgage lending business
- entity specific documents (articles of incorporation, articles of organization, by-laws, operating agreement, partnership agreement, limited partnership agreement)
- certificate of authority/good standing certificate from the state (if applicable)
- trade name certificate (if applicable)
To become licensed as a mortgage lender, applicants must first obtain a surety bond. Fill out our quick and easy bond request form here to take the first step towards getting bonded.
Mortgage Industry Surety Bonds Avaiable 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.
Or, choose your state from the list below:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington D.C.
- West Virginia