What is a Mortgage License Bond or MLO Surety Bond?
Becoming a mortgage broker, lender, and/or servicer may require you to get a state mortgage license.
Many mortgage professionals obtain state licenses in multiple states to increase the number of people they can service. And if you're getting a state mortgage license, one of the steps is getting a mortgage license surety bond, often called a mortgage license bond and registering it with the NMLS.
This video will help you understand what a surety bond is, why it's required, and how to get a surety bond for your mortgage license.
In detail, you will learn:
- 00:27 - Video agenda
- 00:49 - Types of Mortgage Licenses
- 00:51 - Mortgage Broker license
- 01:02 - Mortgage Lender license
- 01:12 - Mortgage Servicer license
- 01:29 - What is a surety bond?
- 02:00 - What does a mortgage bond protect against?
- 02:28 - How much does a mortgage surety bond cost?
- 02:49 - Finding your mortgage surety bond amount
- 03:02 - Mortgage surety bond amount example 1
- 03:21 - Mortgage surety bond amount example 2
- 03:40 - Mortgage surety bond amount example 3
- 04:15 - What happens after you purchase your surety bond?
- 04:50 - Get a free quote and discover your mortgage bond pricing today
Mortgage Broker Bonds & the NMLS
Find out about the NMLS filing process which most often utilizes e-filed bonds instead of traditional printed paper documents.
How to Become a Mortgage Broker
Becoming a mortgage broker can be a fun and highly fulfilling career.
What is a mortgage broker, and how do they help people get a mortgage for their homes?
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