Maryland Mortgage Lender Licensee Bond
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How Much Do Mortgage Lender Licensee Bonds Cost in Maryland?
Maryland mortgage lender licensee bond premiums start as low as 1% of the total bond coverage amount. Prices may vary between applicants depending on credit score.
The state of Maryland requires mortgage lenders to get different levels of bond coverage based on the amount of mortgage business conducted in the past 12 months. Select the amount you need below:
If you work as a mortgage professional in multiple states, we offer mortgage industry license bonds nationwide.
What Is a Maryland Mortgage Lender Licensee Bond?
The Maryland Commissioner of Financial Regulation (CFR) requires all mortgage lenders to file a surety bond as a part of the state licensing process. Maryland law defines a mortgage lender as any business or person who is a mortgage broker, makes a mortgage loan to any person, or is a mortgage servicer.
A mortgage lender surety bond ensures mortgage professionals are financially responsible for any losses they cause for clients or the state due to unlawful action.
How Does a Maryland Mortgage Lender Bond Work?
A Maryland mortgage lender bond is an agreement between three parties:
- Principal: The mortgage lender filing the bond
- Surety: The surety company issuing the bond
- Obligee: The Maryland CFR requiring the bond
These bonds require annual renewal. We’ll contact you during the renewal period to ensure you maintain active coverage. To cancel the bond, the principal or surety must send 60-day’s written notice to the obligee.
How Do I Get a Mortgage Lender Bond in Maryland?
You can get your Maryland mortgage lender bond quickly and easily with SuretyBonds.com. Just follow these three steps:
- Step 1: Apply for your bond online
- Step 2: Receive a free quote within one business day
- Step 3: Pay for your invoice online or over the phone
We’ll file the official bond directly with the NMLS on your behalf and provide an email copy for your records.
How to Become a Licensed Mortgage Lender in Maryland
To become licensed as a mortgage lender with the Maryland CFR, follow these four steps:
- Purchase and file a surety bond
- Fill out the NMLS Application
- Upload all required documents to the NMLS
- Pay the required fees
View the NMLS Maryland mortgage lender license application checklist for detailed instructions.
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