Oregon Mortgage Broker Bond

What is an Oregon Mortgage Broker Bond? 

Oregon Mortgage Broker Bonds are required by Oregon's Division of Financial Regulation to obtain your Mortgage Broker license. The Oregon Mortgage Broker Bond amount is set at $50,000. This License is required of any company (including sole proprietorship) that for compensation or gain, or in the expectation of compensation or gain: (a) assists or holds itself out as being able to assist a person in obtaining or applying to obtain an Oregon residential mortgage loan, (b) makes an Oregon residential mortgage loan or (c) offers to sell or sells residential real estate paper or accepts funds for investment in real estate paper. An Oregon residential mortgage loan is any loan secured by a 1-4 dwelling unit made to an Oregon consumer, on Oregon property, or from a place of business located in Oregon. 

The State requires a Mortgage Broker bond for:  

For any loan under the volume of $10,000,000, the surety bond amount is $50,000.

For any loan in between $10,000,001 to $25,000,000, a surety bond of $75,000 is required.

For any loan in between $25,000,001 to $50,000,000, a surety bond of $100,000 is required.

For any loan in between $50,000,001 to $100,000,000, a surety bond of $150,000 is required.

Any loan above $100,000,000 requires a $200,000 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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Oregon Mortgage Broker Bond Information and Requirements:

For any loan under the volume of $10,000,000, the surety bond amount is $50,000. For any loan in between $10,000,001 to $25,000,000, a surety bond of $75,000 is required. For any loan in between $25,000,001 to $50,000,000, a surety bond of $100,000 is required. For any loan in between $50,000,001 to $100,000,000, a surety bond of $150,000 is required. Any loan above $100,000,000 requires a $200,000 surety bond.