California Mortgage Broker, Lender or Servicer Bond
California Mortgage Broker, Lender or Servicer Bond Information
Residential Mortgage Broker, Lender and Servicer Bonds are required in California as part of the licensing process for these mortgage professionals. A separate guide is available for Finance Broker and Finance Lender Bonds.
The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
How Much Does a Mortgage Bond Cost in California?
What does a Mortgage Bond Protect Against?
The bond protects those who sustain damages related to the principal's violation of the provisions of the California Residential Mortgage Lending Act and all amendments and supplements, and or any rules and regulations made by the Commissioner of Business Oversight of the State of California under the California Residential Mortgage Lending Act.
The bonded principal must honestly and faithfully apply all funds received and perform all obligations and requirements under the California Residential Mortgage Lending Act, and pay to the Commissioner of Business Oversight of the State of California or to any persons, all moneys due from the principal under the provisions of the California Residential Mortgage Lending Act.