NJ Correspondent Residential Mortgage Lender Bond - Corporation

New Jersey correspondent residential mortgage lenders are obligated to secure a surety bond ranging from $100,000 to $300,000 as part of their licensing process under the oversight of the New Jersey Department of Banking and Insurance. This surety bond acts as a financial safeguard for consumers who engage with the services of the correspondent lender. The specific bond amount within the specified range is determined based on factors such as the lender's loan volume and financial stability. It is imperative for lenders to maintain an active and valid bond throughout their licensing period. The NNA has secured a $600 to $1,800 flat rate for all New Jersey Mortgage Lenders.