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Maryland Mortgage Lender Licensee Bond

How much does a mortgage lender licensee bond cost in Maryland?

A mortgage lender licensee bond in Maryland costs as little as 1% of the total bond amount for highly qualified applicants, and the bond amount is based on the volume of mortgage lending during the previous 12 months. The exact cost of a mortgage lender bond is subject to review by an underwriter and is based on the applicant’s credit, as well as the required surety bond amount.

Bond Type Bond Amount Cost*
$50,000 Mortgage Lender Licensee Bond Less than $3,000,000 in mortgage business during past 12 months $50,000 Starts at $500 Apply Now
$100,000 Mortgage Lender Licensee Bond Between $3,000,000 - $10,000,000 in mortgage business during past 12 months $100,000 Starts at $1,000 Apply Now
$150,000 Mortgage Lender Licensee Bond More than $10,000,000 in mortgage business during past 12 months $150,000 Starts at $1,500 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 a mortgage lender licensee bond in Maryland?

The Maryland Commissioner of Financial Regulation requires mortgage lenders to post a surety bond to become properly licensed to conduct work in the state. A mortgage lender is defined as any person who is a mortgage broker, makes a mortgage loan to any person, or is a mortgage servicer.

These 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.

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.

Terms of a mortgage lender license bond

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Mortgage lender licensee surety bonds 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 in Maryland

All new license applicants must submit applications through the Nationwide Mortgage Licensing System (NMLS). Use the Maryland Mortgage Lender License Company Application Checklist to help guide you.

Information and Materials to be submitted via NMLS

  1. Company Names
  2. Trade name registration certificate
  3. Good standing status with the Maryland Department of Assessments and Taxation
  4. Proof of 3 years of mortgage lending experience
  5. Credit report
  6. Criminal background checks
  7. Financial statements
  8. An organizational chart or description showing:
  9. Surety bond in the correct amount
  10. Sworn notarized statement

You will also be required to submit licensing fees through NMLS:

To help guide you through the application process on NMLS, refer to the Quick Guide on Submitting a Company Form.

Materials and Information to be Submitted via Mail

Some application information and materials for a lender license must be submitted outside of NMLS. The following must be physically delivered by mail to the Commissioner of Financial Regulation within 5 business days of the electronic submission in NMLS:

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.

NH VT RI NJ DE MD DC MA CT HI AK FL ME NY PA VA WV OH IN IL WI NC TN AR MO GA SC KY AL LA MS IA MN OK TX NM KS NE SD ND WY MT CO UT AZ NV OR ID CA MI

Or, choose your state from the list below:

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Additional Resources

Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Mortgage Lenders, Brokers and/or Servicers

Mortgage Lender Law

Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Applicants and Forms

NMLS Maryland Mortgage Lender License

Maryland Mortgage Lenders/Brokers/Servicers Licensee Application and Surety Bond Form