Mortgage lenders that wish to conduct business in Alabama must obtain a Consumer Credit License through the Alabama State Banking Department (ASBD). As part of their licensing requirements, lenders must submit a surety bond to the ASBD. The bond amount varies, and is based on the total dollar amount of mortgage loans closed in the previous year:
| Loans Closed | Bond Amount |
|---|---|
| $0 – $25,000,000 | $25,000 |
| $25,000,001 to $100,000,000 | $50,000 |
| Greater than $100,000,000 | $75,000 |
Applications for lender licenses are handled by the Nationwide Mortgage Licensing System (NMLS), and additional information can be found on the NMLS website. Licensing fees are $700, including the NMLS processing fee, and all fees collected through the NMLS are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.