What is an Alabama Mortgage Broker Bond? 

Alabama Mortgage Broker Bonds are required by Alabama's State Banking Department to obtain your Mortgage Broker license. The Alabama Mortgage Broker Bond amount is set at $25,000.  This License is required of any company or sole proprietor who directly or indirectly solicits, processes, places, or negotiates mortgage loans for a borrower, or offers to solicit, process, place, or negotiate mortgage loans for a borrower on Alabama residential real estate.

The State requires a Mortgage Broker bond for :  

$0 to $25,000,000 will require a minimum $25,000 surety bond

$25,000,001 to $100,000,000 will require a minimum $50,000 surety bond

Any loan volume over $100,000,000 will require a minimum $75,000 surety bond

Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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 Alabama Mortgage Broker Bond Information and Requirements:

$0 to $25,000,000 will require a minimum $25,000 surety bond

$25,000,001 to $100,000,000 will require a minimum $50,000 surety bond

Any loan volume over $100,000,000 will require a minimum $75,000 surety bond