Tennessee Mortgage Lender Bond
Tennessee requires mortgage lenders/servicers to file a bond in the NMLS for $200,000.
| Bond Amount Required | Annual Premium | |
| Mortgage Lender/Servicer License | $200,000 | $1,200 |
Overview
The Department of Financial Institutions requires Tennessee mortgage loan lenders to obtain a $200,000 bond as part of the licensing process. This bond is a financial safeguard for clients and the state if the mortgage lender causes financial harm to a client. The bonding company issuing the bond usually evaluates the servicer's financial history and creditworthiness. The NNA has secured a $1,200 flat rate for all Tennessee mortgage loan lenders.