Kentucky Mortgage Loan Broker or Mortgage Company License Bond
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How Much Do Kentucky Mortgage Broker Bonds Cost?
The price of a $50,000 Kentucky mortgage loan broker bond starts at $375. Mortgage companies in Kentucky need higher bond coverage of $250,000, which starts at $2,125.
These bonds are subject to underwriting, which means the price is based on personal credit score. Request a free quote now!
All Kentucky bonds are subject to a state-imposed 1.8% surcharge.
What Is a Kentucky Mortgage Broker License Bond?
Kentucky mortgage broker and mortgage company bonds are types of license and permit surety bonds. They ensure that wronged consumers have a means of compensation for any financial losses resulting from a loan transaction.
There is a separate bond requirement for mortgage loan originators in Kentucky.
How Do I Get a Mortgage Broker Bond in Kentucky?
With SuretyBonds.com, you can get your Kentucky mortgage loan company or broker 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.
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records.
If you work as a mortgage professional in multiple states, we offer mortgage industry license bonds nationwide.
How Do Kentucky Mortgage Broker Bonds Work?
Mortgage broker and company bonds in Kentucky protect the public from unlawful residential lending practices such as:
- Employing a scheme, artifice or device to defraud clients
- Failing to disburse funds
- Delaying the close of a mortgage loan to increase fees, costs and interest
- Obtaining property by misrepresentation
- Failing to make proper disclosures
- Failing to comply with federal laws
If the bonded individual or company creates unjust financial harm for a consumer, the surety will cover damages up to the full bond amount. Then, the principal must reimburse the surety.
When Do I Need to Renew My KY Mortgage Broker Bond?
You must renew your bond annually to maintain active coverage. Your SuretyBonds.com account manager will contact you 90 days before the end of your bond term to set up your renewal. To cancel the bond, the principal or surety must send 30-day’s written notice to the obligee.
How to Become a Licensed Mortgage Loan Broker in Kentucky
To act as a mortgage broker in Kentucky, you need an active license with the Department of Financial Institutions. Follow the steps below to apply for your Kentucky mortgage broker license:
- Complete 20 hours of pre-licensing education courses and eight hours of annual continuing education courses.
- Maintain a documented funding source of at least $1,000,000.
- Maintain a net worth of more than $100,000.
- Obtain a $50,000 surety bond.
- Pay the $750 licensing fee and a $400 fee per branch office, plus a processing fee of $100 per office and $20 per branch.
- Provide sufficient proof that the managing principal has 2+ years of industry experience.
- Upload a state-issued document demonstrating that the corporation or LLC is authorized to do business in Kentucky.
- Upload a financial statement prepared by a CPA.
- Submit the application materials to the NMLS.
Note: All licenses must be renewed by November 30 of each year.
Take the first step toward becoming licensed by purchasing your surety bond today!
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