Ohio Residential Mortgage Lending Act Surety Bond
Flat Rates & No Credit Check
| 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 |
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.
Cost of the Ohio Residential Mortgage Lending Act Surety Bond
The cost of the $50,000 to $150,000 Ohio residential mortgage lending act surety bond is $300 to $900 per bond term with NNA Surety. Secure this surety bond today.
How the Ohio Residential Mortgage Lending Act Surety Bond Works
The Ohio residential mortgage lending act surety bond protects consumers by holding licensed mortgage professionals financially accountable for complying with applicable state residential mortgage lending requirements.
The bond involves three parties:
- Principal: Residential mortgage lending licensee
- Obligee: State of Ohio
- Surety: Bonding company
A claim against the bond may be filed for covered violations of Ohio residential mortgage lending requirements. The principal is responsible for repaying valid claims paid by the surety.
How to Get the Ohio Residential Mortgage Lending Act Surety Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $300 to $900 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your Ohio residential mortgage lending license.
Learn more about your Ohio surety bond options across the state.
Get Your Ohio Residential Mortgage Lending Act Surety Bond
Stay compliant with Ohio residential mortgage lending requirements by securing your surety bond today. Complete this form or call 855-457-2196 to get bonded.