Ohio Residential Mortgage Lending Act Surety Bond

The Ohio Department of Commerce dictates that mortgage brokers must purchase an Ohio mortgage broker bond in order to legally perform their duties in the state. Bond amounts in Ohio must be between $50,000 and $150,000 and the bond requirement is calculated at a rate of .50 percent 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.