This surety bond applies to all mortgage brokers, and helps ensure proper, legal management of residential mortgage funds. The bond amount is set at half of a percent of the bondholder’s aggregate loan amount of residential mortgages loans created in the previous calendar year up to $150,000. The minimum required bond amount is set at $50,000, with an extra $10,000 for each additional broker location. The premium on this bond is generally as low as .75%.
To Acquire an Ohio Mortgage Broker Act Surety Bond:
- Complete an online application.
- One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.
- Provide payment and your signed agreement, then you will receive your bond!
** all bonds are subject to the underwriting terms and conditions of the issuing company.