Ohio Mortgage Loan Originator Bond
400,000+ Bonds issued to 250,000+ satisfied customers.
Purchase your bond today and we'll email your bond directly to you. No shipping required.
We shop the top surety markets to find you the best rate.
Backed by SSL, our online bonding process is secure. We are committed to your privacy.
How Much Do Ohio Mortgage Loan Originator Bonds Cost?
The Ohio Department of Commerce, Division of Financial Institutions determines the necessary bond coverage for mortgage loan originators (MLOs) based on aggregate loan amount of residential mortgage loans originated nationwide in the preceding calendar year.
These bonds are subject to underwriting, which means the price you’ll pay depends on a review of your personal credit report. Highly-qualified applicants may pay as low as 0.5% of the bond total. Request your free quote now!
All Ohio bonds are subject to a state-imposed 1.8% surcharge.
What Is an Ohio Mortgage Loan Originator Bond?
According to Residential Mortgage Lending Act, Ohio mortgage loan originator bonds are required for employees of exempt entities that engage in the following activities:
- Taking or offering to take residential mortgage loan applications
- Assisting buyers in obtaining or applying for residential mortgage loans
- Offering or negotiating terms of residential mortgage loans
- Issuing or offering to issue commitments for residential mortgage loans to buyers
This bond ensures that consumers who are unjustly wronged in a mortgage transaction have a means of compensation for financial losses.
How to Get a Mortgage Originator License Bond in Ohio
With SuretyBonds.com, you can get your Ohio mortgage loan originator bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Checkout on our secure, online portal
That’s it! We’ll provide your official bond form instantly via email. You must then sign and submit it to the address below:
Ohio Department of Commerce
Division of Financial Institutions
77 South High Street
21st Floor
Columbus , OH 43215-6120
How Do Mortgage License Surety Bonds Work?
Ohio mortgage loan originator bonds protect the public from unlawful residential lending practices. If a bonded principal creates unjust financial harm for a consumer, the surety will cover damages up to the full bond amount. Then, the principal must reimburse the surety.
If you work as a mortgage professional in multiple states, we offer mortgage industry license bonds nationwide.
How to Become a Mortgage Loan Originator in Ohio
Mortgage loan originators in Ohio must be licensed with the Department of Commerce, Division of Financial Institutions. Complete the following steps to submit your license application:
- Individual form MU4
- Criminal background check
- Credit report
- Disclosure question responses
- Company sponsorship
- Employment history
- Ohio Attestation
- Credit report explanation (if required)
- Verification of experience (operations managers only)
- Surety bond (only required for employees of exempt entities)
- Application and processing fees
Use the NMLS OH Loan Originator Application Checklist to ensure you meet all the licensing requirements. Take the next step by applying for your surety bond now!
More Resources
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
