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Texas Mortgage Broker or Loan Servicer Bond

Texas Mortgage Broker or Loan Servicer Bond

www.suretybondsdirect.com/surety-bond/mortgage-broker-lender-or-other-industry-bond/tx

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Who Requires the Mortgage Broker or Loan Servicer Bond and Why Is It Needed?

A mortgage broker surety bond or mortgage loan servicer bond is required in Texas by the Texas Department of Savings and Mortgage Lending. The bond has a limit of $50,000 and a 2-year term. The surety bond is needed to satisfy the state licensing requirements for mortgage brokers operating in the state of Texas. The mortgage bonds ensure that the bonded principal will duly and fully comply with all regulations, rules, and orders and timely discharge all obligations arising under the Act. Nationwide minimum standards for mortgage broker licenses were developed in 2008 and adopted in each state including Texas. As a result, in order to obtain a mortgage broker or servicer license, applicants must first register with The Nationwide Mortgage Licensing System (NMLS) and meet certain requirements. Surety Bonds Direct will file your mortgage surety bond electronically with the NMLS.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Texas Mortgage Broker or Loan 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 Does the Bond Protect Against?

A mortgage broker bond protects Texas consumers from violations of the Texas Mortgage Broker License Act committed by the broker.  In the event of non-compliance with the Act, a consumer may file a claim against the bond seeking reimbursement for damages incurred.

Key provisions of this bond include protections related to breach of contract, fraudulent licensing practices, discrimination, improper accounting, and deceitful advertising materials. 




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