Ohio Residential Mortgage Lending Act Letter of Exemption Bond
Cost of an Ohio RMLA Letter of Exemption Bond
| Total Loan Volume Originated in Preceding 12 Months | Bond Amount Required | Bond Term | Annual Premium |
| $0-$10,000,000 | $50,000 | 1 Year | $300 |
| $10,000,001-$12,000,000 | $60,000 | 1 Year | $360 |
| $12,000,001-$14,000,000 | $70,000 | 1 Year | $420 |
| $14,000,001-$16,000,000 | $80,000 | 1 Year | $480 |
| $16,000,001-$18,000,000 | $90,000 | 1 Year | $540 |
| $18,000,001-$20,000,000 | $100,000 | 1 Year | $600 |
| $20,000,001-$22,000,000 | $110,000 | 1 Year | $660 |
| $22,000,001-$24,000,000 | $120,000 | 1 Year | $720 |
| $24,000,001-$26,000,000 | $130,000 | 1 Year | $780 |
| $26,000,001-$28,000,000 | $140,000 | 1 Year | $840 |
| $28,000,001-$30,000,000 | $150,000 | 1 Year | $900 |
| Exceeds $30,000,000 | $160,000 | 1 Year | $900 |
Ohio's Residential Mortgage Lending Act requires applicable mortgage loan originators associated with certain entities holding a valid Letter of Exemption to be covered by a corporate surety bond. The bond may be obtained by the licensee or by the exempt entity on the licensee's behalf.
Cost of the Ohio RMLA Letter of Exemption Bond
A single fixed premium cannot be assigned while the required bond amount is unspecified. NNA's public product page offers multiple bond amount and annual premium options. The final premium should be based on the required bond amount and the current price displayed in the NNA/Propeller application. Complete this form.
How the Bond Works
The bond is issued by a bonding or insurance company authorized to do business in Ohio and is in favor of the Superintendent of Financial Institutions. It is for the exclusive benefit of buyers injured by a covered violation of Ohio's Residential Mortgage Lending Act or applicable rules by the bonded licensee.
Principal: Applicable Ohio mortgage loan originator/licensee or qualifying exempt entity providing coverage
Obligee: Ohio Superintendent of Financial Institutions
Surety: Authorized bonding or insurance company
How to Get the Ohio RMLA Letter of Exemption Bond
1. Confirm that the mortgage loan originator is employed by or associated with an entity holding the applicable Ohio Letter of Exemption.
2. Determine the prior-year aggregate residential mortgage loan volume and calculate the required bond amount under Ohio law.
3. Complete the online application through the NNA/Propeller affiliate link.
4. Select the correct required bond amount and confirm the current premium shown in the application.
5. Obtain and maintain the bond for the applicable license term and file it as required by the Superintendent.
Review Ohio Revised Code §1322.32 and Ohio Administrative Code 1301:8-7-14 for current surety bond requirements.
Get Your Ohio RMLA Letter of Exemption Bond
Start your Ohio RMLA Letter of Exemption Bond application online.
For assistance, call 855-215-2160.