What is a District of Columbia Mortgage Broker, Lender or Dual Authority Bond?
An applicant for a District of Columbia mortgage lender, mortgage broker or mortgage dual authority license must file a surety bond with each original application and any renewal application. The bond covers all loan originators sponsored by the licensee. Other related financial bonds required by the District include Money Transmitter Bonds and Money Lender or Retail Sales Finance Company Bonds.
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Why is a District of Columbia Mortgage Bond Required?
The bond ensures compliance with all District and federal laws regulating the activities of mortgage lenders, mortgage brokers, and mortgage loan originators. It also guarantees adherence to proper accounting standards and all written agreements with borrowers and applicants. The bond is for the benefit of the District and any person who may be damaged by a licensee as a result of violating any law or regulation governing the activities of mortgage loan originators, mortgage lenders, or mortgage brokers.
Additional District of Columbia Mortgage Bond Resources & Links
DISTRICT OF COLUMBIA Department of Insurance, Securities and Banking
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