What is an Utah Mortgage Broker Bond? 

Utah Mortgage Broker Bonds are required by Utah’s Department of Financial Institutions to obtain your Mortgage Broker license. The Utah Mortgage Broker Bond amount is set at $12,500. Any individual who, in exchange for compensation as an employee of another person (partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized), accepts or offers to accept applications for mortgage loans.

The State requires a Mortgage Broker bond for :  

$0 to $5,000,000 requires a $12,500 surety bond

$5,000,001 to $15,000,000 requires a $25,000 surety bond

$15,000,000 and any loan past that requires a $50,000 surety bond 

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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Utah Mortgage Broker Bond Information and Requirements:

$0 to $5,000,000 requires a $12,500 surety bond

$5,000,001 to $15,000,000 requires a $25,000 surety bond

$15,000,000 and any loan past that requires a $50,000 surety bond