Individuals who apply for a mortgage loan originator license in the state of Utah must post a surety bond. This surety bond acts as protection for the consumer or anyone transacting business with the loan originator in the Utah. Bond amounts are determined by the annual origination volume for each individual residential mortgage loan originator from the prior calendar year:
- Bond Amount $12,500 (up to $5 million in volume)
- Bond Amount $25,000 ( $5 million to $15 million in volume)
- Bond Amount $50,000 (over $15 million in volume)
While business entities are not required to be licensed and bonded, qualified business entities may elect to provide bond coverage on behalf of mortgage loan originators working exclusively for the entity, instead of the individual originator providing a separate bond. Just as the individual originators, the business bond amount is determined by annual volume:
- Bond Amount $25,000 (up to $10 million in volume)
- Bond Amount $50,000 ($10 to $30 million in volume)
- Bond Amount $100,000 (over $30 million in volume)
All applications are now filed on the Nationwide Multistate Licensing System (NMLS) portal. The bonds are filed electronically via ESB (Electronic Surety Bond).
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.