A Delaware mortgage broker bond is a type of surety bond that mortgage brokers in Delaware are required to obtain as a condition of their license. The bond is designed to protect consumers and the state from any financial losses resulting from a mortgage broker's misconduct, fraud, or other violations of state laws and regulations governing mortgage brokering. In the event of a claim, the bond will provide compensation to the harmed parties up to the bond's specified amount. The amount of the bond required may vary depending on the broker's level of business activity and other factors.
Delaware Mortgage Broker Bonds are required by Delaware's Office of State Bank Commissioner Department to obtain your Mortgage Broker license. The Delaware Mortgage Broker Bond amount is set at $25,000. This license is required of any person who, either for or in the expectation of compensation or gain, either directly or indirectly negotiates, arranges or solicits (or offers to) a mortgage loan on a Delaware property on behalf of a borrower; or, holds himself out as being able to provide these services.
$25,000 as a minimum requirement for a surety 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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The only requirement is a $25,000 surety bond for all mortgage brokers and may be greater depending on how much money is involved.