What is an Florida Mortgage Broker Bond?
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.
The State requires a Mortgage Broker bond for :
$10,000 surety bond for mortgage brokers
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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Florida Mortgage Broker Bond Information and Requirements:
Florida Mortgage Broker Bonds are required by the Florida Department of Banking & Finance. The required bond amount is $10,000.00.