Utah Mortgage Broker Bond
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How Much Do Utah Mortgage Broker Bonds Cost?
Mortgage loan brokers in Utah must purchase a $25,000 surety bond. Pricing starts at $187.50 for highly qualified applicants. However, your exact rate can range from 0.75–5% of the bond total based on your credit score. Request a free, personalized quote now:
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide.
How Does a Utah Mortgage Broker Bond Work?
A Utah mortgage broker bond binds three parties in a legal contract:
- Principal: The mortgage broker licensee purchasing the bond
- Surety: The provider issuing the bond to the principal
- Obligee: The Utah Division of Real Estate (DRE)
If a bonded professional breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the principal would need to reimburse.
How Do I Get a Mortgage Broker Bond in Utah?
With SuretyBonds.com, you can get your Utah mortgage loan broker 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
Once you checkout, we'll mail your official bond documents. Sign and submit your bond form to the obligee. If you’re in a rush, select overnight shipping at checkout.
What Is a Utah Mortgage Broker Bond?
Utah mortgage broker bonds are required by the Utah DRE as part of the state licensing requirements. These bonds guarantee compliance with the Utah Residential Mortgage Practices Act when servicing mortgage loans.
How to Get a Mortgage Broker License in Utah
Mortgage brokers in Utah must be licensed and bonded with the Division of Real Estate. Use the NMLS application checklist to complete all the requirements for the Utah mortgage license you need.
How Do I Renew My Bond?
Utah mortgage loan broker bonds remain continuous until canceled. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends. To cancel a bond, the principal or surety must send 30-day’s written notice to the obligee.
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