Kentucky Mortgage Broker Bond

Summary

A Kentucky mortgage broker bond is a type of surety bond required by the Kentucky Department of Financial Institutions for mortgage brokers operating in Kentucky. The bond serves as a guarantee that the broker will comply with all state and federal laws and regulations related to mortgage lending activities, and will not engage in any fraudulent or unethical practices. The amount of the bond required by the state varies depending on the volume of business conducted by the 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. The Kentucky mortgage broker bond is intended to protect consumers and ensure that mortgage brokers operate with honesty and integrity in their business practices.

What is an Kentucky Mortgage Broker Bond? 

Kentucky Mortgage Broker Bonds are required by Kentucky's Department of Financial Institutions to obtain your Mortgage Broker license. The Kentucky Mortgage Broker Bond amount is set at $50,000. This license is required of any company or Sole Proprietor who serves as an agent for any person in an attempt to obtain a loan or has money to loan secured by a mortgage on residential real property.

The State requires a Mortgage Broker bond for :  

A $50,000 surety bond is required for all mortgage brokers in the state of Kentucky.

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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Program:

You can buy your Kentucky Mortgage Broker Bond (Apply) online immediately

Kentucky Mortgage Broker Bond Information and Requirements:

A $50,000 surety bond is required for all mortgage brokers in the state of Kentucky.