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The New Hampshire Banking Department is the responsible authority for licensing compliance for mortgage brokers, bankers and servicers. The licensing requirements are detailed in New Hampshire Revised Statutes 454F-A. License applicants must provide a surety bond.
This surety bond is an agreement between three parties:
- Principal: The mortgage broker, banker or servicer 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 ensures that someone negatively affected by the principal’s unethical or fraudulent activities will be fairly compensated for losses. The claim is investigated by the surety company. If the claim is deemed to be valid, the surety provides compensation up to the limit of the bond’s penal sum.
Then, the principal is required to fully reimburse the surety. The financial impact of a valid claim can be significant, so avoiding claims against the bond is a priority.
How Much Does a Mortgage Broker, Banker or Servicer Bond Cost in New Hampshire?
The cost of a New Hampshire mortgage broker bond is between $500 and $5,000. This cost is based on the state’s requirement for a $50,000 surety bond. The cost of a mortgage banker or servicer bond is between $1,000 and $10,000. The required bond amount for mortgage bankers and servicers is $100,000
The bond rate ranges between 1% and 10%. You might also hear this referred to as the cost of the bond or the bond premium. Use the chart below to quickly estimate your bond cost before applying.
|
New Hampshire Mortgage Broker, Banker and Servicer Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
Often our customers ask how we determine how much a bond costs. In addition to considering the applicant’s credit, we look at industry experience, bond history and finances.
How to Get a Mortgage Broker, Banker or Servicer Bond in New Hampshire
1. Apply For Your Bond
Obtaining a New Hampshire mortgage broker bond or a mortgage banker or servicer bond is a quick and easy process. To begin, choose from one of our convenient application methods.
- Apply for a bond online – You have access to the bond application 24/7, so you can fill out the short form at any time of day that works for you.
- Call us at (888) 592-6631 – The alternative to applying online is to contact one of our bond specialists by phone and receive friendly customer service as you apply.
When applying, you will need:
- Bond name (Residential Mortgage Lending Act Letter of Exemption Surety Bond)
- Bond amount ($50,000 or $100,000)
- Email and contact information
2. Get a Quote
Our customers appreciate receiving a fast quote from us via email after they apply. Please get in touch with us if you have revision requests. Our bond experts are available to review the quote with you upon request.
3. Purchase Your Bond
To finalize your surety bond purchase, sign the documents and pay the invoice online. We will quickly email the original bond to you.
New Hampshire Mortgage Broker, Banker or Servicer Bond Requirements
To apply for a New Hampshire mortgage broker license or a mortgage banker or servicer license, you must include an electronic surety bond when submitting the required documents to the NMLS. The New Hampshire Banking Department regulates financial institutions, ensures compliance with state laws, and oversees mortgage licensing. Applicants must provide the Residential Mortgage Lending Act Letter of Exemption Surety Bond as part of the process.
The bond remains active until it is canceled. The surety must provide the Bank Commissioner with a 30-day written notice to cancel the bond.
If you have any questions regarding the required bond amount, the definition and role of mortgage brokers, bankers and servicers in New Hampshire, etc., please contact us.
A new customer contacted our bond experts recently for clarification on the mortgage broker bond requirement. Our bond team quickly and thoroughly answered her questions. She appreciated our prompt, knowledgeable assistance, and she took advantage of the online application to apply for her bond without hassle.
How to Get Your Mortgage Broker, Banker and Servicer License in New Hampshire
The licensing process for a New Hampshire mortgage broker, banker and servicer is completed through the Nationwide Mortgage License System. The following items are required when applying for a license:
- Application
- Surety bond
- Financial statements
- Resident/registered agent
- Contact employees
- Qualifying individual
- FBI criminal background check
- AML/BSA policy
- Business plan
- Certificate of Authority/Good Standing
- Formation documents
- Management chart
- Organizational chart
- Affirmation form
- Uniform Consent to Service of Process form
- Statement of prior activity
- State Examination System contacts
- Company staffing and internal policies, for mortgage bankers
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler.
https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Casetext. (n.d.). New Hampshire Revised Statutes Chapter 397-A: Licensing of nondepository mortgage bankers, brokers, and servicers.
https://casetext.com/statute/new-hampshire-revised-statutes/title-35-banks-and-banking-loan-associations-credit-unions/chapter-397-a-licensing-of-nondepository-mortgage-bankers-brokers-and-servicers
New Hampshire Banking Department. (n.d.). Home [Website].
https://www.banking.nh.gov/
Nationwide Multistate Licensing System & Registry. (n.d.). New Hampshire mortgage servicer ESB form [PDF].
https://mortgage.nationwidelicensingsystem.org/slr/StateForms/NH_Mortgage%20Servicer%20ESB_V1.pdf