Who Requires the Mortgage Broker, Lender or Servicer Bond and Why Is It Needed?
The Tennessee Department of Financial Institutions requires that licensed mortgage brokers, lenders and servicers furnish a surety bond tolegally conduct business in the state of Tennessee. The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. The bond amounts required are as follows;
Broker - $90,000
Lender or Servicer - $200,000
Broker and Lender and/or Servicer - $200,000
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 Will My Surety Bond Cost?
Take 2 minutes to provide the basic information required to get the best rates for your Tennessee Mortgage Broker, Lender or Servicer Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.
If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.
What is Needed to Obtain My License?
All mortgage license applications, amendments, and renewal filings must be made through the Nationwide Mortgage Licensing System & Registry (NMLS).
