A Florida mortgage broker bond is a type of surety bond required for individuals and companies engaged in mortgage brokering in the state of Florida. The bond provides a financial guarantee to the state and consumers that the mortgage broker will operate in compliance with state laws and regulations. In case of any violation or misconduct by the mortgage broker, the bond ensures compensation for affected parties. The bond amount required may vary depending on the broker's level of business activity and other factors.
Florida Mortgage Broker Bonds are required by Florida's Department of Banking and Finance to obtain your Mortgage Broker license. The Florida Mortgage Broker Bond amount is set at $10,000. This license is required for an entity conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker.
$10,000 surety bond for mortgage brokers
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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Florida Mortgage Broker Bonds are required by the Florida Department of Banking & Finance. The required bond amount is $10,000.00.