Anyone operating as a residential mortgage lender in the state of New Jersey must be licensed with the New Jersey Department of Banking and Insurance as part of N.J.S.A. 17:11C-51 et seq. Part of the licensing process includes submitting a $150,000 surety bond via the Nationwide Mortgage Licensing System (NMLS). NMLS requires the executed bond to be uploaded to their site and the original copy mailed to the NJ Department of Banking and Insurance. Copies of the bond will not be accepted. Total licensing costs are $1300, including NMLS processing fee. FBI Criminal Background Check cost is $36.26. Any fees collected through the NMLS are not refundable. Applicants must demonstrate a minimum net worth of $250,000.
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 – New Jersey
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