Get a free quote online with a soft credit pull.
As the nation's largest volume bond producer, we negotiate the best rates.
Your bond will be accepted, or we’ll refund your payment in full.
The Kansas Office of the State Bank commissioner is the authority for mortgage company licensing. The rules and requirements for mortgage company licensing are established under the Kansas Mortgage Business Act, or Kansas Revisor of Statutes, Chapter 9, Section 22. Mortgage companies are required to have a surety bond.
This surety bond is an agreement between three parties:
- Principal: The mortgage loan company that needs to get the bond.
- Obligee: The entity requiring the principal to get bonded.
- Surety: The company that issues the bond.
The surety bond’s purpose is to ensure that a party that has been negatively impacted by a mortgage company’s unethical actions can be properly compensated for its losses. The surety researches a claim and determines its validity. It compensates the claimant if the claim is valid.
After the surety pays the claimant, the principal must reimburse the surety for the full claim amount. Avoiding claims against the bond is crucial, and the best way to do so is by complying with state regulations.
How Much Does a Mortgage License Bond Cost in Kansas?
The cost of a Kansas mortgage company bond ranges from $1,000 to $12,500, based on a bond amount of $100,000 for loan origination under $50 million and $125,000 for over $50 million.
Supervised loan licensees must maintain a $100,000 bond for the first location, plus $25,000 per additional location (up to $300,000), with costs ranging from $1,000 to $30,000.
The bond premium falls between 1% and 10% typically. This may also be called the cost of the bond or the bond rate. You can quickly estimate your bond cost before applying by using the chart below.
|
Kansas Mortgage License Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
$125,000 |
$1,250 - $3,750 |
$3,750 - 6,250 |
$6,250 - $12,500 |
|
$300,000 |
$3,000 - $9,000 |
$9,000 - $15,000 |
$15,000 - $30,000 |
Some of our customers ask us how we determine how much a bond costs. In addition to credit scores, we look at the applicant’s previous bond history, industry experience and finances.
How to Get a Mortgage License Bond in Kansas
1. Apply For Your Bond
Obtaining a Kansas mortgage license bond requires three simple steps. The easy process begins when you choose your preferred application method.
- Apply for a bond online – Our bond application is accessible online 24/7. Our valued customers appreciate how quickly they can complete this short form.
- Call us at (888) 592-6631 – If you have questions before applying or prefer to submit your bond application over the phone, we are happy to help.
When applying, you will need:
- Bond name (Supervised Lender or Mortgage Company Surety Bond)
- Bond amount ($100,000 - $300,000)
- Email and contact information
2. Get a Quote
After submitting your application, you will quickly receive a bond quote by email. Upon request, we will review your bond with you. Please let us know if your bond quote requires a revision.
3. Purchase Your Bond
After reviewing your bond quote, simply sign the documents and pay the invoice online. We will then deliver the original bond to you by email.
Kansas Mortgage License Bond Requirements
When applying for a Kansas mortgage company license, you must submit an electronic surety bond when applying through the NMLS. The Kansas Office of the State Bank Commissioner enforces mortgage company licensing requirements and mandates the use of the Supervised Lender or Mortgage Company Surety Bond – Form B.
This is a continuous bond that remains active until it is terminated. The surety may terminate the bond by providing a 30-day written notice to the obligee and principal.
If you have any questions regarding the required bond amount, the definition and role of mortgage companies in Kansas, etc., please contact us.
When a new customer contacted us recently for a mortgage company bond, he needed clarification on the bond amount requirement. He quickly got the answer he needed from our friendly bond specialists. Not long after applying online, he got a mortgage company bond quote by email.
How to Get Your Mortgage Company License in Kansas
The licensing process for Kansas mortgage companies is completed via the Nationwide Mortgage License System. When you apply for your new license, you must submit the following items:
- Application
- Surety bond
- Credit report
- Criminal background check
- Formation documents
- Business plan
- Organizational chart
- Financial statements
- An Individual Form for each loan originator
- Certificate of Authority/Good Standing Certificate
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler. https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Kansas Office of the State Bank Commissioner. (n.d.). Home [Website]. https://www.osbckansas.org/
Nationwide Multistate Licensing System & Registry. (n.d.). Kansas Form B surety bond [PDF]. https://mortgage.nationwidelicensingsystem.org/slr/StateForms/KS1-Form-B-Surety-Bond.pdf
Kansas Revisor of Statutes. (n.d.). Chapter 9: Banks and banking. https://www.ksrevisor.org/statutes/ksa_ch9.html