Mortgage brokers who conduct business in the State of Ohio are required to register with the Ohio Division of Financial Institutions (ODFI). Part of the licensing process includes submitting a surety bond via the Nationwide Mortgage Licensing System (NMLS). The bond amount varies and is based on a percentage of the total dollar amount of nationwide mortgage loans origination for the immediately preceding calendar year, up to a maximum of $150,000. The minimum bond amount is $50,000, and there is an additional penal sum of $10,000 for each location, in excess of one, at which the registrant conducts business. The term of the bond runs concurrently with the term of registration. Contact the ODFI for specific questions regarding the amount of the surety bond you will need to register.
Applications for registration are handled through the NMLS, and the registration costs are $600, including NMLS processing fee. Additionally, the cost for the credit report for control persons is $15 per control person and $36.25 per person for any FBI criminal background checks that are needed. Any 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.
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Mortgage Broker Surety Bonds – Ohio
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