What is the purpose of the Arizona Mortgage Banker Bond and how much can I expect to pay?
The Arizona Mortgage Banker Surety Bond is required by the Arizona State Banking Department in compliance with A.R.S. Title 6, Chapter 9, Article 1. It is obligatory for anyone who performs, negotiates, or offers mortgage loans on Arizona commercial property for compensation. The bond amount varies. If the investors are limited to institutional investors only, the amount is $25,000.
If the investors are other than institutional investors, the surety bond shall be 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. You can refer to the table below for the specific 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||$100,000|
How do I obtain an Arizona Mortgage Banker Bond?
Surety Solutions Insurance Services, Inc makes it easy for you to get your Arizona Mortgage Banker Bond. Complete our online application form, and within one business day, you will receive a firm quote from one of our surety bond agents. Then, make the payment, sign some paperwork your bond will be shipped via USPS priority mail. Overnight shipping is also available but for an additional fee.
Surety1 has been in the business of issuing Arizona surety bonds since 2003 and we are rated A+ by Better Business Bureau for our excellent service. You can consult with us for every bond you may need as we are licensed to do business not just in California but in all 50 states as well.