What is an New Hampshire Mortgage Broker Bond?
New Hampshire Mortgage Broker Bonds are required by New Hampshire's Banking Department to obtain your Mortgage Broker license. The New Hampshire Mortgage Broker Bond amount is set at $50,000. This license is required for the principal office location of a company or sole proprietorship who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly engages in the business of brokering mortgage loans secured by real property located in New Hampshire.
The State requires a Mortgage Broker bond for :
There is a minimum
requirement of a $50,000 surety bond to start off with.
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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New Hampshire Mortgage Broker Bond Information and Requirements:
There is a minimum requirement of a $50,000 surety bond to start off with.