How much can I expect to pay for my Arizona Mortgage Broker/Banker bond?
These bonds do require underwriting and the premium is based on the applicant’s personal credit history. You can expect to pay between 1% and 5% for a 1 year bond. After you complete an application one of our representatives will email and call you back with a quote typically within 1 business day. Financing options may also be available for those with less than perfect credit.
Bond Penalty Amount: varies depending on the license (See Below)
Do you use any investors
that are not institutional investors?
Commercial Mortgage Broker
Commercial Mortgage Banker
*See Chart Below
*Mortgage Banker Bond Chart (Per NMLS):
The bond coverage shall be maintained in the minimum amount prescribed computed on a base consisting of the total assets of the licensee/applicant plus the unpaid balance of loans which it has contracted to service for others as of the end of the licensee’s/applicant’s fiscal year.
Minimum Bond Amount
Not over $1,000,000
$25,000 for the first $500,000 plus $5,000 for each $100,000 or fraction thereof over $500,000
$1,000,001 to $10,000,000
$50,000 plus $5,000 for each $1,800,000 or fraction thereof over $1,000,000
$10,000,001 to $100,000,000
$75,000 plus $5,000 for each $18,000,000 or fraction thereof over $10,000,000
$100,000,001 and over
Bond Term: 1 year
Why do I need this bond:
If you wish to obtain a license in Arizona for a mortgage broker, banker or lender, you will be required to maintain a surety bond with the Arizona Department of Financial Institutions. If you need more information on why you must obtain this bond, you can contact the department here.
What to do after you purchase your bond:
After you receive your Mortgage Broker/Banker bond from Absolute Surety, you will need to sign it and mail it along with the attached power of attorney to the Arizona Department of Financial Institutions.
We also offer many other types of surety and fidelity bonds, please contact us at 855-689-5106 to inquire further.