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This document serves as a bond required by the Illinois Department of Financial and Professional Regulation for entities seeking a license under the Residential Mortgage License Act of 1987. It outlines
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How to fill out residential mortgage license bond
How to fill out Residential Mortgage License Bond
01
Obtain the Residential Mortgage License Bond form from your state regulatory agency.
02
Fill in your legal name and business name as they appear on your mortgage license.
03
Provide your business address and contact information.
04
Indicate the amount of the bond required by your state.
05
Review the bonding requirements specific to your state, as they may vary.
06
Sign the bond application form in the designated area.
07
Submit the completed form along with any necessary fees to the bonding company or agency.
08
Receive your Residential Mortgage License Bond once it has been approved.
Who needs Residential Mortgage License Bond?
01
Mortgage brokers, lenders, and any businesses engaged in residential mortgage transactions typically need a Residential Mortgage License Bond.
02
Individuals or entities seeking to operate legally within the residential mortgage industry in their respective states require this bond.
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People Also Ask about
What is the required surety bond amount for a mortgage broker license with non-institutional investors in Arizona?
Arizona mortgage brokers need a $10,000 or $15,000 surety bond. If the agency provides services to institutional investors only, the bond amount is $10,000. But, if investors are both institutional and non-institutional, the bond amount is $15,000.
What is the minimum surety bond amount for a mortgage broker?
The bond amount needed for a mortgage broker bond ranges from $50,000 to $200,000. The exact amount an individual needs is based on their loan activities in the prior calendar year. If they employ others, it is the sum of all their activities. This amount is referred to as aggregate loans.
How much is a 50000 surety bond?
Surety Bond Annual Premium Cost Estimates Surety Bond AmountExcellent Credit (675+)Average Credit (600-675) $50,000 $250–$1,500 $1,500–$2,500 $75,000 $375–$2,250 $2,250–$3,750 $100,000 $500–$3,000 $3,000–$5,000 $500,000 $2,500–$15,000 $15,000–$25,0005 more rows
What is the meaning of residential mortgage?
(h) The term “residential mortgage” means a mortgage which (1) is a mortgage on real estate, in fee simple or under a leasehold having such term as may be prescribed by the Corporation, upon which there is located a structure or structures designed in whole or in part for residential use, or which comprises or includes
What is the minimum surety bond for a mortgage broker?
The bond amount needed for a mortgage broker bond ranges from $50,000 to $200,000. The exact amount an individual needs is based on their loan activities in the prior calendar year. If they employ others, it is the sum of all their activities. This amount is referred to as aggregate loans.
What is a $5000 surety?
A $5,000 bond is required for notary publics in some states, including Illinois, Utah and Arizona. This bond protects the public from financial loss due to notary misconduct.
What is a surety bond in the amount of $500,000?
$500,000 surety bonds typically cost 0.5–10% of the bond amount, or $2,500–$50,000.. Highly qualified applicants with strong credit might pay just $2,500 to $5,000 while an individual with poor credit will receive a higher rate.
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What is Residential Mortgage License Bond?
A Residential Mortgage License Bond is a type of surety bond required for individuals or businesses that engage in residential mortgage lending. It serves as a financial guarantee that the bondholder will adhere to applicable laws and regulations in the housing finance industry.
Who is required to file Residential Mortgage License Bond?
Individuals or businesses that are licensing as mortgage lenders or brokers in their jurisdiction are typically required to file a Residential Mortgage License Bond.
How to fill out Residential Mortgage License Bond?
To fill out a Residential Mortgage License Bond, the applicant needs to provide relevant details such as their name, business name, address, license number, and any other information required by the surety company or state regulatory agency. It is recommended to consult the specific instructions provided by the state or the surety provider.
What is the purpose of Residential Mortgage License Bond?
The purpose of a Residential Mortgage License Bond is to protect consumers and the state from the financial loss caused by a licensed mortgage lender's misconduct or failure to comply with regulations. It provides a means for the recovery of damages for violations.
What information must be reported on Residential Mortgage License Bond?
Information that must be reported on a Residential Mortgage License Bond typically includes the name and address of the bonded party, the surety company details, the bond amount, the jurisdiction, the license number, and the effective date of the bond.
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