North Dakota Mortgage Broker Bond

Summary

A North Dakota mortgage broker bond is a type of surety bond that is specifically required for individuals or companies working as mortgage brokers in the state of North Dakota. The bond serves as a guarantee that the broker will comply with all relevant laws and regulations governing mortgage lending and financial transactions in North Dakota. The bond is typically issued by a surety company and the broker is required to pay a premium for the coverage. The bond amount required in North Dakota may vary depending on factors such as the broker's financial history and the size of their business.

What is an North Dakota Mortgage Broker Bond? 

North Dakota Mortgage Broker Bonds are required by North Dakota’s Department of Financial Institutions to obtain your Mortgage Broker license. The North Dakota Mortgage Broker Bond amount is set at $25,000. This License is required of any person or entity who, in the normal course of business, engages in the act of arranging or providing loans or leases as a form of financing, or advertising or soliciting either in print, by letter, in person, or otherwise, the right to find lenders or provide loans or leases for persons or businesses desirous of obtaining funds for any purposes.

The State requires a Mortgage Broker bond for:  

You must get a $25,000 surety bond and get a new one for each loan amount checkpoint. 

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.

Try our 100%  Secure Mortgage Broker Bond Online Application to get the Lowest Mortgage Broker bond rates in all 50 States.

Program:

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

North Dakota Mortgage Broker Bond Information and Requirements:

You must get a $25,000 surety bond and get a new one for each loan amount checkpoint.