Colorado Mortgage Broker Bonds are required by Colorado's Division of Banking to obtain your Mortgage Broker license. The Colorado Mortgage Broker Bond amount is set at $25,000.
$25,000 is the minimum surety requirement for a Mortgage Broker License.
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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Bond prices may rise based on how much the amounts are. Each state has their own requirements and prices that can be found out at their specific department of banking.