Individuals and businesses looking to operate as a Mortgage Originator in Texas are required to maintain a $50,000 surety bond under Texas Department of Savings and Mortgage Lending. The bond will run concurrent with the license period of 2 years. The licensing process is now handled by the National Mortgage Licensing System (NMLS), and the bond is filed electronically by the surety agency. Below is a list of required items as part of the application:
- Complete 23 hours of NMLS approved pre-licensure education courses
- Passing score on the National test Component with Uniform State Content and Complied with 3 hours of pre-licensing Texas specific education.
- Criminal Background Check
- Credit Report
- Disclosure Questions
Additional information can be found on the NMLS website. The bond acts as protection for the consumer or anyone transacting business with the loan originator in the State of Texas.
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.