As part of the Fair Mortgage Lending Act, Ark. Code Ann 23-39-501 through 23-29-518 (“Act”), applicants who wish to operate as a Mortgage Lender in Arkansas are required to post a surety bond. The bond amount is based on prior year activity and runs to the Arkansas Securities Department:
- Bond Amount $100,000
- Less than or equal to $10,000,000 activity
- Bond Amount $150,000
- Between $10,000,001 & $25,000,000 activity
- Bond Amount $200,000
- Over $25,000,000 activity
New applicants will submit a $100,000 surety bond. Lenders can complete the licensing process through the Nationwide Multistate Licensing System (NMLS). These surety bonds cover any person or persons who may be injured or damaged by the lender while conducting business as a lender, including judgments in suites for the misappropriation of any funds paid into or deposited with the lender.
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.
Surety Bond Name
Mortgage Lender Surety Bonds – Arkansas
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