- The Surety Bond Requirement for RMLA Licensees (Residential Mortgage Lender, Correspondent Residential Mortgage
Lender and Residential Mortgage Broker) is based on the total closed loan volume for
the report year.
- The rules for determining the required amount of coverage are as follows:
- If your total closed loan volume is no more than $50,000,000,
your Surety Bond Requirement is $150,000.
- If your total closed loan volume is no more than $75,000,000,
your Surety Bond Requirement is $200,000.
- If your total closed loan volume is no more than $100,000,000,
your Surety Bond Requirement is $250,000.
- If your total closed loan volume is more than $100,000,000,
your Surety Bond Requirement is $300,000.
- The total amount of your actual Surety Bond Coverage must be sufficient
to cover your Total Surety Bond Requirement.
- If your surety bond coverage is deficient, you will have 30 days
from the date your annual report is submitted to the Department to acquire
the appropriate amount of coverage and send the original documentation
to the Department that the required amount of coverage has been obtained.
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