What is an New Jersey Mortgage Broker Bond?
New Jersey Mortgage Broker Bonds are required by New Jersey's DOBI to obtain your Mortgage Broker license. The Alabama Mortgage Broker Bond amount is set at $150,000. This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application for others, or negotiates, places or sells for others, or offers to take an application for, negotiate, place or sell, residential mortgage loans in the primary market for others. Residential mortgage loans include both first and second mortgage loans on New Jersey property.
The State requires a Mortgage Broker bond for :
a minimum of a $150,000 surety bond for mortgage broker licenses
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 Jersey Mortgage Broker Bond Information and Requirements:
An original, fully executedin the minimum amount of $150,000 furnished by a surety company authorized to conduct business in New Jersey. The name of the principal insured on the bond must match exactly the Full Legal Name of applicant.