Maryland Mortgage Broker Bond

Maryland Mortgage Broker Bond

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A Maryland mortgage broker bond is a type of surety bond required for mortgage brokers operating in the state of Maryland. The bond serves as a financial guarantee that the broker will comply with all state regulations and ethical standards in their business activities, including proper handling of clients' funds and accurate reporting of financial transactions. If the broker fails to fulfill their obligations or engages in fraudulent activities, the bond can be used to compensate clients or other affected parties for their losses. The bond amount is determined by the Maryland Commissioner of Financial Regulation and must be obtained before the broker can obtain their license.

What is an Maryland Mortgage Broker Bond? 

Maryland Mortgage Broker Bonds are required by Maryland's Office of the Commissioner of Financial Regulation to obtain your Mortgage Broker license. The Maryland Mortgage Broker Bond amount is set at $50,000.  This license is required for any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. Refer to Md. Code Ann., Fin. Inst. §11-501 et seq. for legal requirements.

The State requires a Mortgage Broker bond for :  

Under $3,000,000


$3,000,000 - $10,000,000


Over $10,000,000



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

 Maryland Mortgage Broker Bond Information and Requirements:

The left is the amount in loans and the right is the surety bond amount required for that specific loan.

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