Entities engaged in the business of making, originating, servicing, soliciting, placing, negotiating, acquiring, selling or arranging for others mortgage loans involving Kansas residential property under the Kansas Mortgage Business Act must obtain a license through the Kansas Office of the State Bank Commissioner (OSBC). License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Kansas can be found on the NMLS website – California Licensing Requirements Page. Licensing costs are $750, including the NMLS processing fee, and are not refundable.
A pre-requisite for the license application is the maintaining of a surety bond with the OSBC. The bond amounts are based on whether or not the principal has a Kansas bona fide office and the loan amounts originated in the previous calendar year. Below is a breakout for reference:
Kansas Bona Fide Office
- $0 to $50,000,000: $50,000 Bond
- $50,000,000 and above: $75,000 Bond
Not Claiming Kansas Bona Fide Office
- $0 to $50,000,000: $100,000 Bond
- $50,000,000 and above: $125,000 Bond
Kansas Mortgage Company License Bonds guarantee that the principal faithfully performs all of its obligations under applicable state and federal laws. If any borrower or consumer incurs any losses or damages due to the principal’s failure to comply with Kansas law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
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 Loan Company License Surety Bonds – Kansas
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