Ohio Residential Mortgage Lending Act Surety Bond
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
| $60,000 | 1 Year | $360 |
| $70,000 | 1 Year | $420 |
| $80,000 | 1 Year | $480 |
| $90,000 | 1 Year | $540 |
| $100,000 | 1 Year | $600 |
| $110,000 | 1 Year | $660 |
| $120,000 | 1 Year | $720 |
| $130,000 | 1 Year | $780 |
| $140,000 | 1 Year | $840 |
| $150,000 | 1 Year | $900 |
Overview
The Ohio Department of Commerce dictates that mortgage brokers must purchase an Ohio mortgage broker bond to perform their duties in the state legally. Bond amounts in Ohio must be between $50,000 and $150,000 and the bond requirement is calculated at a rate of 0.50% of the principal's aggregate loan amount of residential mortgage loans originated in the preceding calendar year.
The NNA has secured premiums of $6 per $1,000 in liability for all Ohio mortgage brokers to obtain this bond without a credit check.Getting your mortgage broker bond ensures you are compliant with the Ohio Mortgage Broker Act and it must always be renewed every year before December 31st and kept active.
The Simple Bonding Process
View your price or request a free quote
Discover unbeatable value with coverage options tailored to your needs.
Sign your contract and pay the premium
Seal the deal and ensure protection and peace of mind for your business.
Receive your surety or fidelity bond
Expect a speedy turnaround. Our typical turnaround time is 24 hours or less.
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