Ohio Residential Mortgage Lending Act Surety Bond

Bond Details

• OH Residential Mortgage Lending Act Surety Bond – $50,000 bond – $300 per year
• OH Residential Mortgage Lending Act Surety Bond – $60,000 bond – $360 per year
• OH Residential Mortgage Lending Act Surety Bond – $70,000 bond – $420 per year
• OH Residential Mortgage Lending Act Surety Bond – $80,000 bond – $480 per year
• OH Residential Mortgage Lending Act Surety Bond – $90,000 bond – $540 per year
• OH Residential Mortgage Lending Act Surety Bond – $100,000 bond – $600 per year
• OH Residential Mortgage Lending Act Surety Bond – $110,000 bond – $660 per year
• OH Residential Mortgage Lending Act Surety Bond – $120,000 bond – $720 per year
• OH Residential Mortgage Lending Act Surety Bond – $130,000 bond – $780 per year
• OH Residential Mortgage Lending Act Surety Bond – $140,000 bond – $840 per year
• OH Residential Mortgage Lending Act Surety Bond – $150,000 bond – $900 per year

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.