Who needs to apply for a Texas Residential Mortgage Loan Servicer Bond?
The Texas Residential Mortgage Loan Servicer Bond is required by the Texas Department of Savings and Mortgage Lending Commissioner of the State of Texas. In accordance with Section 158.055 of the Residential Mortgage Loan Servicers Act. A residential mortgage originator is defined as an individual who, for compensation or gain (or in expectation of compensation or gain). Takes a residential mortgage loan application or offers/negotiates the terms of a residential mortgage loan.
The bond is in place to provide financial surety for the discharge by the bondholder of any and all monetary obligations to the Commissioner and/or the Texas Department of Savings and Mortgage Lending. Or any person to whom an obligation of the Principal arises, by virtue of any and all acts or omissions arising under or relating to the Act or any regulations, rules, or orders issued. The required bond amount varies and expires every December 31st. To determine the cost of this bond, simply complete our easy online application.
The application for this license can be completed through the NMLS website. In addition to the surety bond, applicants must complete or submit the following;
- Satisfy the pre-licensing education
- Pay all fees
- Undergo a criminal background check
- Submit a credit report
- Company sponsorship request
How do I obtain a Texas Residential Mortgage Loan Servicer Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once the paperwork is completed, your premium has been paid and processed. The bond will be issued and sent out in a timely manner. We offer shipping via USPS Priority Mail or your preferred expedited shipping method(for an additional cost).
The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1), are available to help you. The process has never been easier with Surety1, we work with over a dozen “A” rated surety markets. This ensures that we will find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.