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 :
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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Kentucky Mortgage Broker Bond Information and Requirements:
A $50,000 surety bond is required for all mortgage brokers in the state of Kentucky.