Mortgage companies who wish to do business in the State of Kentucky must obtain a license from the Kentucky Department of Financial Institutions (DOFI). License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Kentucky can be found on the NMLS website. Licensing costs are $850 including the NMLS processing fee and are not refundable.
A requirement of the licensing process is the submitting and maintaining of a $250,000 surety bond with the DOFI. The bond can be submitted by either uploading it electronically to the MNLS website or mailing it directly to the DOFI.
Kentucky Mortgage Loan Company License Bonds guarantee that the principal (mortgage loan company) complies with all provisions of KRS Chapter 286.8 – Mortgage Loan Company and Mortgage Loan Broker Act. If any borrower or consumer incurs any losses or damages due to the principals failure to comply with Kentucky 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.
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Mortgage Loan Company License Surety Bonds – Kentucky
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