Part of the licensing process for mortgage brokers in Tennessee includes posting a surety bond. Applications are handled by the Nationwide Mortgage Licensing System (NMLS). The surety agent will handle the filing of the bond electronically. The licenses in Tennessee are regulated by the Department of Financial Institutions. The bond amount for mortgage brokers is $90,000.
Additional information can be found on the NMLS website. The bond acts as protection for the consumer or anyone transacting business with the broker in the State of Tennessee under Tennessee Residential Lending, Brokerage and Servicing Act of 1988, Tenn Code Ann 45-13-101 (the “Act”).
NMLS will assess a $1,125 licensing fee. These 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.