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Ohio Mortgage Broker Bond

How much does a mortgage broker bond cost in Ohio?

The Ohio Division of Financial Institutions requires mortgage brokers to post surety bonds. The required bond amount varies and should be equal to .5% of their loan origination volume. Broker and lender bonds cannot be less than $50,000 but also cannot exceed $150,000. Originator bonds cannot be less than $50,000 or greater than $100,000. Each additional business location requires another $10,000 bond.

These bonds are subject to underwriting, meaning the amount you’ll pay for your bond depends on the health of your credit report and financials. You can expect to pay only a fraction of the bond premium.

The best way to find out exactly how much you’ll pay for your surety bond is to request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Broker or Originator Bond Varies Starts at 1% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

We can provide your free, no-obligation bond quote within 1 business day. Call 1 (800) 308-4358 or submit a bond request to get started!

Why do I need this bond?

By posting an Ohio mortgage broker, originator or lender bond, principals (mortgage professionals) pledge to operate ethical business and adhere to all provisions stated in the Ohio Mortgage Broker Act, the Truth in Lending Act and the National Mortgage Lending System. These bonds protect consumers against fraud and other unethical practices committed by mortgage professionals.

Apply for your free surety bond quote now!

What’s the fine print?

Ohio mortgage broker bonds expire annually on December 31. This bond may be continued for a subsequent year if the surety and principal sign a continuation certificate. These bonds remain in full force during their term unless canceled by the surety or principal. For cancellation, the surety must send a written cancellation notice to the obligee 30 days before bond termination.

How to become a mortgage broker in Ohio

Before applicants can start doing business as a mortgage broker in Ohio, they must be licensed. Applicants must submit completed license applications to the National Mortgage Licensing System. Completed applications must include:

  • license fee
  • fingerprints
  • personal history and experience
  • independent credit report
  • surety bond

Applicants may be required to submit additional information for license issuance.

Take the first step toward becoming licensed in Ohio by purchasing your mortgage broker bond quickly, easily and accurately!

Ready to get started?

Get a FREE Mortgage Broker Bond Quote Today!

Ohio Mortgage Loan Act Declaration of Surety Bond Principal

NMLS Resource Center State Licensing Requirements - Ohio

Ohio Department of Commerce and Financial Institutions

Ohio Revised Code: Title 13, Chapter 1322: Mortgage Broker, Loan Officers

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