What is an Rhode Island Mortgage Broker Bond?
Rhode Island Mortgage Broker Bonds are required by Rhode Island’s Department of Business Regulations to obtain your Mortgage Broker license. The Rhode Island Mortgage Broker Bond amount is set at $20,000. This License is required of any company or sole proprietorship who solicits, processes, negotiates, places, or sells a loan for others in the primary market.
The State requires a Mortgage Broker bond for :
Mortgage Brokers are
required to get a $20,000 surety bond and for every other location they are a
part of, an additional $5,000 is required.
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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Rhode Island Mortgage Broker Bond Information and Requirements:
Mortgage Brokers are required to get a $20,000 surety bond and for every other location they are a part of, an additional $5,000 is required.