What is a Tennessee Mortgage Broker, Lender or Servicer Bond?
The Tennessee Department of Financial Institutions requires that licensed mortgage brokers, lenders and servicers furnish a surety bond to legally conduct business in the state of Tennessee. The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. The bond amounts required are as follows;
| License Type | Surety Bond Amount |
|---|---|
| Broker | $90,000 |
| Lender or Servicer | $200,000 |
| Broker and Lender and/or Servicer | $200,000 |
Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
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Mortgage Bonds And Getting Your Tennessee Business License/Registration
All mortgage license applications, amendments, and renewal filings must be made through the Nationwide Mortgage Licensing System & Registry (NMLS).
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