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Ohio
Residential Mortgage Lending Act Exemption Bond

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Coverage Amount: $50,000 - $150,000
Term Length: 1 year
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Ohio Residential Mortgage Lending Act Exemption Bond Guide

If you’re applying for a mortgage license certificate of exemption in Ohio, you’ll likely need this surety bond. 

Bond Overview

  • Purpose: To ensure compliance with mortgage laws and protect consumers 
  • Who Needs It: MLO sponsors or employers applying for a certificate of exemption
  • Regulating Body: The Ohio Department of Commerce
  • Required Coverage: $50,000 plus $10,000 per additional branch
  • Premium Rate: 0.8–10%, credit-based

Learn all about the bond requirements and process in this guide. 

What Is an Ohio Residential Mortgage Lending Act Exemption Bond?

The Ohio Department of Commerce requires this bond for exempt mortgage loan originator sponsors that apply for a certificate of exemption from licensing. 

An Ohio Residential Mortgage Lending Act exemption bond ensures that these exempt entities still uphold the necessary rules and regulations to protect consumers and the state.

How Much Do Mortgage Lending Act Exemption Bonds Cost?

Ohio Residential Mortgage Lending Act exemption bond premiums typically cost 0.8–10% of the total coverage amount based on credit score.


You’ll need $50,000 coverage plus $10,000 for any additional business locations. Apply for your free quote now!

Bond Type
$50,000-$150,000Residential Mortgage Lending Act Exemption Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a Ohio Residential Mortgage Lending Act exemption bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

We’ll upload your bond instantly online to NMLS on your behalf. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a Ohio Residential Mortgage Lending Act Exemption Bond Work? 

A Residential Mortgage Lending Act exemption bond creates a legal contract between these three parties: 

  1. Principal: You, the exempt mortgage loan originator filing the bond
  2. Obligee: The Ohio Department of Commerce requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of Ohio Revised Code Chapter 1322, otherwise known as the Residential Mortgage Lending Act (RMLA).

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your Residential Mortgage Lending Act exemption bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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