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Oklahoma Mortgage Lender Bond

How much does a mortgage lender bond cost in Oklahoma?

The Department of Consumer Credit requires all mortgage lenders in Oklahoma to post $100,000 surety bonds. To underwrite this bond, surety underwriting companies require current business financials and a personal financial statement. The exact price you’ll pay for your Oklahoma surety bond is based on a review of your personal credit report.

Don’t struggle to calculate your bond cost. Simply contact one of our surety specialists to receive a personalized, complimentary bond quote within 1 business day of applying.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Lender License Bond $100,000 $1,000-3,000 $3,000-7,000 $7,000+ 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.

If you’re ready to get bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or click here to fill out an online bond request form now.

Why do I need this bond?

Oklahoma mortgage lender bonds ensure that if consumers are wronged by the principal (mortgage lender) during a mortgage transaction, they have a safeguard from unprofessional business practices and can be compensated for any financial losses. Unethical acts covered by this bond include, but are not limited to:

  • defrauding or misleading borrowers and lenders
  • obtaining property by fraud or misrepresentation
  • failing to disclose information required by state law, such as annual interest rate percentages
  • advertising a product at a low price when it is not available for sale to entice customers to buy a more expensive product, otherwise known as “bait and switch” advertising
  • collecting or charging any prohibited fees
  • and more

If the principal (mortgage lender) violates the terms of his or her bond agreement and consumers are harmed as a result, the surety will cover damages up to the full bond amount. The principal must reimburse the surety for any damages paid out.

Our team of experts is dedicated to getting you bonded quickly, easily and accurately. Request your free bond quote now!

What’s the fine print?

There is no specific surety bond form for Oklahoma mortgage lender license bonds. Instead, our team of experts has been instructed to use Oklahoma’s generic license and permit bond form when processing your bonding request. We have this form on file so that we can get you bonded quickly and easily.

To expedite the bonding process, applicants should have their business and personal financial credentials handy when they contact SuretyBonds.com.

How to become a mortgage lender in Oklahoma

To become a licensed mortgage lender in Oklahoma, applicants must fulfill all of the licensing requirements listed on the NMLS Resource Center website.

The license remains valid for 1 year, beginning on January 1. The applicant can renew the license by submitting renewal documentation through NMLS prior to December 1 of each year.

The approval process allows this license to be issued within 60 days after the complete application and all fees are received.

Complete licensing information can be accessed from the Important Links section of this page.

Take the first step toward becoming licensed by purchasing the Oklahoma surety bond you need!

Ready to get started?

Get a FREE Mortgage Lender Bond Quote Today!

NMLS Resource Center State Licensing Requirements Oklahoma DCC

Oklahoma Department of Consumer Credit Mortgage Lender License

Oklahoma Statutes Citationized Title 59. Professions and Occupations Chapter 46C-1. - Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act

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