Texas Mortgage Broker Bond

What is an Texas Mortgage Broker Bond? 

Texas Mortgage Broker Bonds are required by Texas’s Department of Banking to obtain your Mortgage Broker license. The Texas Mortgage Broker Bond amount is set at $25,000. Any corporation, company, partnership, association, or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, meets the definition of a Mortgage Banker under Texas Finance Code Chapter 157 and takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan from the person’s own funds or from the fund of another person.

The State requires a Mortgage Broker bond for :  

A loan $25,000 and below requires a $25,000 surety bond. Any loan above $25,000 requires a surety bond of $50,000. 

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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Texas Mortgage Broker Bond Information and Requirements:

A loan $25,000 and below requires a $25,000 surety bond. Any loan above $25,000 requires a surety bond of $50,000.