Kansas Mortgage Broker Bond

Summary

A Kansas mortgage broker bond is a type of surety bond that is required by the Kansas Office of the State Bank Commissioner for mortgage brokers operating in Kansas. The bond serves as a guarantee that the mortgage broker will comply with all state and federal laws and regulations governing mortgage lending activities. The bond also ensures that the broker will not engage in any fraudulent or unethical practices while conducting their business. The amount of the bond required by the state of Kansas varies based on the volume of business conducted by the mortgage broker. If a broker fails to comply with the terms of the bond, a claim can be made against the bond to compensate any harmed parties.

What is an Kansas Mortgage Broker Bond? 

Kansas Mortgage Broker Bonds are required by Kansas's to obtain your Mortgage Broker license. The Kansas Mortgage Broker Bond amount is set at $50,000. This license is required for the principal place of business of any entity engaging in, or holding out to the public as willing to engage in, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, mortgage business activity on Kansas residential property.

The State requires a Mortgage Broker bond for :  

For people with a business office in Kansas, surety bond is $50,000 for any loans up to $50,000,000 and $75,000 for any amount after. For people without a business office, a surety bond of $100,000 is required for any loans up to $50,000,000 and $125,000 for a surety bond for anything after $50,000,000. 

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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Kansas Mortgage Broker Bond Information and Requirements:

For people with a business office in Kansas, surety bond is $50,000 for any loans up to $50,000,000 and $75,000 for any amount after. For people without a business office, a surety bond of $100,000 is required for any loans up to $50,000,000 and $125,000 for a surety bond for anything after $50,000,000.