What is an Arkansas Mortgage Broker Bond?
Arkansas Mortgage Broker Bonds are required by Arkansas's Securities Department to obtain your Mortgage Broker license. The Alabama Mortgage Broker Bond amount is set at $100,000. 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 :
$100,000 as a minimum to have a Mortgage Broker License.
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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Arkansas Mortgage Broker Bond Information and Requirements:
Requires a minimum of a $100,000 surety bond. If the total loan amount exceeds $10,000,000 then the surety bond is $150,000. A $200,000 is required if the total loan amount exceeds $25,000,000. Each year on March 31st, bonds need to be renewed and the increases need to be completed.