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How much does a New Jersey Foreclosure Consultant Bond cost?
The Commissioner of the Department of Banking and Insurance requires that all new applicants to be a NJ foreclosure consultant post a surety bond in the amount of $75,000, although that amount may be increased at any time up to $250,000. The price that you will pay on this bond is dependent upon your credit, so the application will be subject to underwriting. However, highly qualified applicants may be approved for just 1.5% of the total bond amount.
If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or request a bond quote. You can typically anticipate a free no obligation bond quote within 1 business day of submitting an application.
Why do I need this bond?
Foreclosure Consultant Bonds are required to ensure that the principal will comply with all laws and regulations when contracting with owners of financially distressed residential properties, as well as abide by all regulations set forth by the Foreclosure Rescue Fraud Prevention Act (46:10B-53). In the event that damages are incurred directly due to a wrongful act, default, fraud, or misrepresentation by the foreclosure consultant, then a claim may be made up to the full amount of the bond. The surety will pay out in the event of a claim and will then look to the principal for reimbursement.
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What’s the fine print?
The New Jersey Department of Banking and Insurance requires that all foreclosure consultants provide a bond before they are issued a license. The bond remains in effect so long as the consultant keeps their license valid barring cancellation by the surety, which must be provided in writing to the Commissioner at least 30 days before the effective date of the cancellation.
How to become a foreclosure consultant in New Jersey
Along with the bond, those hoping to become a licensed Foreclosure Consultant must also submit:
- A complete and correctly signed license application (required for every individual applicant)
- Copy of certificate of Incorporation/Formation or Operating Agreement (LLC)
- Financial statement prepared by a CPA
- Company check or money order for license fee ($500 for business; $100 for individual)
- Evidence verifying completion of fingerprinting
- Certification of Office Suitability (In or out-of-state office)
- Any additional locations the applicant will engage in foreclosure consulting business
Failure to submit the aforementioned information when applying for a license will result in the application being returned.