The State of Rhode Island requires mortgage lenders to have a Lender License with the Rhode Island Department of Business Regulation to conduct business in the state. As part of the licensing process, lenders must submit a $50,000 Electronic Surety Bond via the National Mortgage Licensing System (NMLS). If the applicant uses branch offices to conduct business in Rhode Island, the surety bond must be increased by the following amounts:
- $10,000 if they maintain four (4) to seven (7) branch locations
- $25,000 if the maintain eight (8) or more branch locations
Contact the DBR for specific questions regarding the surety bond amount you will need to receive a license.
Applications for licenses are handled through the NMLS and the licensing costs are $1,750, including the 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 is proud to offer industry low rates and quick turnaround time for quoting of Rhode Island Mortgage Lender Bonds. Feel free to complete our simple application to obtain an approval within hours.
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Mortgage Lender Surety Bonds – Rhode Island
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