Oklahoma Mortgage Lender License Bond

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Why is an Oklahoma Mortgage Lender License Bond Required?

The Oklahoma Department of Consumer Credit only requires mortgage lenders to purchase a surety bond in order to get licensed.

This surety bond is used by the Department as the primary (and really only way) to hold licensed lenders accountable to the laws and promises they make to their customers.

Unlike most states, Oklahoma only requires a single bond amount for lenders of $100,000.

This bond amount is the maximum amount of financial protection available to a financially harmed customer.

It's unfortunate, but every year there will be a small number of licensed lenders who will purposefully and financially harm their customers to increase profits or steal money.

Examples of these actions can include action such has:

• Working with an originator to issue a loan the borrower can't afford
• Hindering a borrower from getting approved by providing false information
• Creating and charge fabricated fees

If and when a customer is financially harmed by these or similar actions, the customer can make a claim against the mortgage lender bond for financial compensation.

Remember this $100,000 amount is the maximum dollar amount available for all potential claims against any one mortgage lender.

 

How Much Does a $100,000 Oklahoma Mortgage Lender Bond Cost?

Mortgage lender bonds in Oklahoma are credit driven bonds. This means the price you pay will be customized based primarily on the following factors:

• Personal credit of the individual or business owner or owners
• Mortgage and financial lending experience
• Prior bond claims if the individual or owner has been licensed in the past

In order to get this price, a surety (or an insurance company that underwrites mortgage surety bonds), will use these factors to determine a custom rate to charge.

This rate multiplied by your specific bond amount is the price you pay.

Because each surety assesses an applicant individually, this means you have the opportunity to save hundreds of dollars when you purchase your bond.

 

How You Can Save Hundreds of Dollars When You Purchase

We are Surety Bonds Direct, a specialized surety agency. We work with the highest A rated sureties and it's our sole purpose to price shop for customers and find the lowest possible price.

Here's how the process works:

 

Step 1: Request your price quote

It takes about 90 seconds to complete our online quote form and tells us about your business.

 

Step 2: Sit Back And Let Us Price Shop For You

Once we receive your quote request, we'll begin price shopping to find you the lowest possible price.

This process typically takes less than 1 business day to collect all the rates from all the sureties we work with.

We'll immediately contact you through email and phone with the lowest price we were able to secure for you.

 

Step 3: Purchase Your Bond

You are under no obligation to purchase when you receive your pricing. When you're ready, purchasing through us is as easy as completing an online checkout form.

 

Oklahoma Mortgage Lender Bond Price Example

Remember, the bond amount is $100,000.

The rates in the table below are examples of really good rates to about average. Pay attention to how the price changes because we routinely find our customers one to two percentage point lower rates.

You can easily save $500, maybe up to $1,000 by securing you a lower rate.

Go request your price quote today. Remember, this is free information for you. There's no obligation to purchase. Price quotes are good for 30 days.

There's no reason to request your free quote right now or call a bond specialist at 1-800-608-9950.

 

How To File Your Mortgage Lender Bond?

As you probably know, the entire licensing process is managed through the National Multi-State Licensing Service or NMLS.

Once you purchase your bond our issuance team will prepare your bond with the:

• Correct bond form
• Required signatures and seals
• Power of attorney

We'll provide you detailed instructions to authorize us in the NMLS and we will e-file your bond for you.

The entire process to prepare your bond and get it filed takes less than one business day.

 

How Long Does an Oklahoma Mortgage Lender Bond Last?

The Oklahoma mortgage surety bond has a bond term or 12 months from the activation date you choose when you purchase your bond.

As this date approaches you will need to renew your bond for the next 12 month period.

Renewing a mortgage lender bond is easy when you're a customer of Surety Bonds Direct because you get assigned your own bond specialist.

As your bond expiration date approaches, your bond specialist will contact you 30 to 45 days in advance to ensure you don't miss paying the renewal premium.

Your bond specialist will have pricing available to make the renewal process fast and easy.

Once you pay the renewal premium, your bond remains active. You don't have to do anything.

 

Mortgage Lender License Bonds And Getting Your Oklahoma Business License/Registration

Getting your license follows a very standard process in the National Multi-State Licensing Service. They provide a checklist compiler that highlights all the steps you must complete.

Here are the high level steps:

 

Provide Formation Documents and Financial Statement

You must provide your formation documents that are filed with the Secretary of State. This also includes:

• Any registered trade names
• Your Certificate of Authority or Certificate of Good Standing

The financial statement must be prepared by a CPA and include a balance sheet, income statement, and cash flow statement. If you're a new business you are exempt from providing these documents, however, you will need to provide a Statement of Condition.

 

Identify the Qualifying Individual and Registered Agent

The Qualifying Individual is referred to as the "Experienced Person." This individual must have at least 3 years experience in the mortgage lending industry within the last 5 years.

The Registered Agent is the individual who is also on record with the Secretary of State.

 

Management and Organization Chart

The management chat must outline the:

• Organization's divisions
• Officers
• Managers

The organizational chart outlines the entire organization including ownership. However, this must only be completed if the business getting licensed is owned by another or has:

• Business entity
• Individual not on the license
• Subsidiaries or affiliate businesses

 

Provide Financial Statement

You must provide a balance sheet, income statement, and all relevant financial notes prepared by a certified financial accountant.

 

Pay All Fees

Finally, complete your full application on the NMLS and your company license forms.

Make sure you check with the NMLS checklist compiler. There are many steps that are unique to each mortgage license classification.