Ohio Third Party Processing and/or Underwriting Exemption Bond

Cost of the Ohio Third Party Processing and/or Underwriting Exemption Bond

The annual premium for an Ohio Third Party Processing and/or Underwriting Exemption Bond is $300 for the required $50,000 bond amount and a one-year term. Complete this form to secure your bond.

Who Needs the Bond?

The Ohio/NMLS exemption checklist applies to a person, other than an independent contractor, that performs only clerical or support duties of a loan processor or underwriter for one or more unaffiliated registered mortgage companies or entities exempt from registration, subject to Ohio's Residential Mortgage Lending Act and administrative rules.

How the Bond Works

The official Ohio bond form binds the principal and surety to the Superintendent of Financial Institutions in the penal sum of $50,000. The bond is for the exclusive benefit of buyers injured by covered violations by employees of the letter-of-exemption holder or applicable loan originators associated with the holder.

Principal: Ohio Third Party Processing and/or Underwriting Company exemption holder

Obligee: Superintendent of Financial Institutions for the State of Ohio

Surety: Surety company authorized to do business in Ohio

How to Get the Ohio Third Party Processing and/or Underwriting Exemption Bond

1. Confirm that the company is applying for the Ohio Third Party Processing and/or Underwriting Company Exemption.

2. Complete the online bond application.

3. Purchase the required $50,000 bond and pay the current $300 annual premium.

4. Complete the bond execution requirements and file the bond through NMLS as directed.

5. Maintain the required bond coverage for the applicable exemption period.

Review the Ohio/NMLS Third Party Processing and/or Underwriting Company Exemption checklist for current filing requirements.