Tennessee Mortgage Loan Broker Bond
Mortgage brokers in the state of Tennesee are requried to file an electronic surety bond in the NMLS system in the amount of $90,000.
| Bond Amount Required | Annual Premium | |
| Mortgage Broker License | $90,000 | $540 |
Overview
Tennessee mortgage loan brokers are required by the Department of Financial Institutions to obtain a $90,000 mortgage loan broker bond as part of the licensing process. This bond serves as a financial safeguard for clients and the state in case the broker's actions cause financial harm to the client. The bonding company issuing the bond usually evaluates the broker's financial history and creditworthiness. The NNA has secured a $540 flat rate for all Tennessee mortgage loan brokers.