Texas Residential Mortgage Loan Servicer Bond
The Department of Savings and Mortgage Lending requires Texas residential mortgage loan servicers to secure a residential mortgage loan servicer bond with a bond amount of $25,000 or $50,000, depending on serviced volume, according to the following chart:
| Serviced Volume ($) | Bond Amount Required | Annual Premium |
| <$25,000,000 | $25,000 | $150 |
| >$25,000,001 | $50,000 | $300 |
Overview
The Department of Savings and Mortgage Lending requires Texas residential mortgage loan servicers to secure a residential mortgage loan servicer bond with a bond amount of $25,000 or $50,000, depending on serviced volume.
This bond serves as financial protection for clients and the state in case the residential mortgage loan servicer causes financial harm to a customer. The bonding company issuing the bond usually evaluates the servicer's financial history and creditworthiness. The NNA has secured a flat rate of $6 per $1,000 in liability for all Texas residential mortgage loan servicers without a credit check.