Tennessee Mortgage Broker Bond

Summary

A Tennessee mortgage broker bond is a type of surety bond that is required by the Tennessee Department of Financial Institutions for individuals or companies operating as mortgage brokers in the state. This bond is designed to protect consumers from financial harm caused by a mortgage broker's unethical or illegal actions. To obtain a Tennessee mortgage broker bond, the broker must work with a surety company who will issue the bond on their behalf. The bond amount required by the state varies based on the number of loans the broker originates, with a minimum bond amount of $90,000. If a consumer suffers financial losses due to the mortgage broker's actions, they can file a claim against the bond. If the claim is found to be valid, the surety company will pay out the amount of the bond to the consumer, up to the bond amount. Having a Tennessee mortgage broker bond is a requirement for all mortgage brokers operating in the state. It serves as a safeguard for consumers and helps ensure that mortgage brokers are held accountable for their actions.

What is an Tennessee Mortgage Broker Bond? 

Tennessee Mortgage Broker Bonds are required by Tennessee’s Department of Financial Institutions to obtain your Mortgage Broker license. The Tennessee Mortgage Broker Bond amount is set at $90,000.  

The State requires a Mortgage Broker bond for :  

A $90,000 surety bond is required for a mortgage broker license in Tennessee. 

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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Program:

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

Tennessee Mortgage Broker Bond Information and Requirements:

A $90,000 surety bond is required for a mortgage broker license in Tennessee.