Idaho Mortgage Broker Lender Bond
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How Much Do Idaho Mortgage Broker Lender Bonds Cost?
Your bond amount will be determined by the Department of Finance based on the value of mortgage loans serviced in the previous calendar year. The premium price will be a small percentage of that total bond amount — typically 1-3%. For instance, a $1,000 Idaho mortgage broker bond starts at $100 for applicants with excellent credit.
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SuretyBonds.com works with the top surety providers nationwide to find the best available pricing. Plus, you can save 25% by choosing a multi-year term!
What Is an Idaho Mortgage Broker or Lender Bond?
Mortgage broker and lender surety bonds are required by Section 426-31-206 of the Idaho Statutes. By filing this bond, mortgage lenders in Idaho pledge to conduct business according to the Idaho Residential Mortgage Practices Act (IRMPA).
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide.
How Do I Get an Idaho Mortgage Broker Lender Bond?
With SuretyBonds.com, you can get your Idaho mortgage broker/lender bond in just three easy steps:
- Apply for your surety bond online.
- Receive a free quote within one business day.
- Checkout on our secure, online portal.
Once you checkout, we'll mail your official bond documents. Sign and submit your bond form to the address below:
Department of Finance
11341 West Chinden Blvd. Building 4
Floor 3
Boise, ID 83714
How Do Idaho Mortgage Lender Bonds Work?
Idaho mortgage lender or broker surety bonds create a contract between three parties:
- Principal: The mortgage broker/lender who purchases the bond
- Surety: The company that issues the bond to the principal
- Obligee: The Idaho Department of Finance that requires the bond
If the principal violates the bond terms and a consumer is harmed, the surety will pay for all damages up to the full bond amount. The principal is responsible for reimbursing the surety.
How Do I Renew My Bond?
Idaho mortgage broker bonds remain continuous until canceled. All you need to do is pay a renewal invoice at the end of each term to maintain your bond coverage. To cancel a bond, the principal or surety must send 30-day’s written notice to the Department of Finance.
How to Get a Mortgage Lender License in Idaho
Mortgage brokers and lenders in Idaho must be licensed with the Department of Finance in order to meet IRMPA requirements. Follow these steps to register online through the NMLS:
- Pay a $350 application fee
- Pay a $250 recovery fund payment and $150 payment for each branch office
- File a surety bond
- Complete and submit the application form
- Register with the Idaho Secretary of State Office
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