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Texas Mortgage Broker Bond

How much does a mortgage broker bond cost in Texas?

The Texas Department of Savings and Mortgage Lending mandates that mortgage brokers post $50,000 surety bonds. These bonds remain valid for a period of 2 years, which is the same duration as the mortgage broker license. The price you’ll pay for your Texas mortgage broker bond is based on a review of your personal credit report.

Give us a call at 1 (800) 308-4358 or click here to connect with one of our surety experts who will walk you through our fast and easy bonding process step-by-step!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Broker Bond $50,000 Starts at $500 $2,000-4,000 $5,000+ 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.

Ready to get bonded? Call 1 (800) 308-4358 or submit a bond request now. We can provide your free, no-obligation bond quote within 1 business day of submitting your application.

Why do I need this bond?

Mortgage broker bonds in Texas protect the public from unlawful business practices committed by the principal (mortgage broker). Specifically, these bonds ensure that principals comply with the provisions of the Texas Mortgage Broker License Act. The following acts are prohibited under this bond agreement:

  • obtaining a license through fraud
  • publishing a misleading or deceitful advertisement
  • failing to use a fee collected in advance for the purpose for which fee was paid
  • charging a fee for assisting a mortgage applicant before all services have been performed
  • attempting to induce a party to breach a contract so the individual may make a mortgage loan
  • discriminating against a prospective borrower
  • and more

If the principal breaches any of the terms of the bond agreement and consumers are harmed as a result, the surety will cover all damages up to the full bond amount. The principal, in turn, must reimburse the surety for any damages paid out.

Our team of surety bond experts work hard to get you bonded quickly and for the lowest rate available. Apply now to receive your complimentary quote on a Texas mortgage broker bond!

What’s the fine print?

The Texas Department of Savings and Mortgage Lending requires all mortgage brokers in the state to post a $50,000 surety bond. The term of this particular bond is equivalent to the duration of the license period, which is 2 years.

The surety can cancel this bond at any time by providing the Commissioner of the Department with a written cancellation notice 30 days prior to the effective termination date.

How to become a mortgage broker in Texas

Mortgage brokers in Texas must licensed through the National Mortgage Licensing System. The application must be accompanied by a licensing fee of $375 and a recovery fund fee. Applicants must meet the following requirements to be eligible for a Texas mortgage broker’s license:

  • be at least 18 years of age
  • be U.S. citizen or lawfully admitted alien
  • have a physical office in the state
  • have a bachelor’s degree in a banking field and have 18 months of experience in the mortgage and lending field or have 3 years of experience in the mortgage lending field
  • not have been convicted of a criminal offense that directly relates to the mortgage lending field
  • possess and maintain net assets of at least $25,000
  • and more

Once a mortgage broker receives his or her license, it remains valid for 2 years. It must be renewed on or before the expiration date for the mortgage broker to continue legally working in Texas.

Ready to purchase your Texas mortgage broker bond? Connect with a surety specialist now!

Ready to get started?

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NMLS Individual Form

Getting Started: National Mortgage Licensing System

Texas Mortgage Broker License Act

Texas Department of Savings and Mortgage Lending

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