Mortgage brokers who wish to conduct business in the State of Oregon must obtain a Mortgage Lending License through the Division of Financial Regulation (DFR). As part of their licensing requirements, brokers must submit a minimum $50,000 Electronic Surety Bond (ESB) via the Nationwide Mortgage Licensing System (NMLS). Per ORS 86A.106, the DFR can increase the bond amount based on the amount of loans the mortgage broker originates. Please verify your bond amount required with the DFR prior to applying for the bond.
Oregon Mortgage Broker Bonds guarantee that the principal (broker) adheres to and conducts business consistent with Oregon law. If any borrower or consumer incurs losses or damages due to the principal’s failure to comply with Oregon law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
Applications for broker licenses are handled by the NMLS and additional information can be found on their website. Licensing fees are $1,600, including the NMLS processing fee and 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 – Oregon
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