Oklahoma Mortgage Lender Bond

The Oklahoma Department of Consumer Credit is the authority on mortgage lender licensing and compliance. The licensing requirements are established in Oklahoma Statutes Title 59-2095. To obtain and maintain a lender license, a surety bond is required. 

This surety bond is an agreement between three parties: 

• Principal: The mortgage lender that needs to get the bond.
• Obligee: The entity requiring the principal to get bonded.
• Surety: The company that issues the bond.

A surety bond provides assurance that someone negatively impacted by a mortgage lender’s unethical behavior can be compensated for financial losses. The surety is responsible for investigating claims and paying claimants on valid claims. 

The principal must reimburse the surety for the full amount paid to the claimant. The best strategy for avoiding claims against the bond is to abide by the state’s rules and regulations, according to our customers.

The cost of an Oklahoma mortgage lender bond is between $1,000 to $10,000. This cost is based on the required bond amount of $100,000.

The cost of the bond is typically calculated as 1% to 10% of the bond’s total amount. This is also often referred to as the bond rate or the bond premium. Use the chart below to quickly estimate your bond cost before applying.

Are you curious about the factors that affect how much a bond costs? In addition to considering the applicant’s credit scores, we look at the applicant’s bond history, industry experience and finances.

1. Apply For Your Bond

Obtaining an Oklahoma mortgage lender bond is a quick, three-step process. To apply for your bond, select the application method that works best for you.

1. Apply for a bond online – The online bond application is accessible 24/7. This is a short application that many of our customers can complete in a few minutes. 
2. Call us at (888) 592-6631 – For personalized assistance from our bond specialists and answers to your questions, contact us by phone to complete the application.

When applying, you will need:

• Bond name (Mortgage Lender License Bond) 
• Bond amount ($100,000)
• Email and contact information

2. Get a Quote

Your mortgage lender bond quote will be delivered to you quickly by email. While reviewing the quote, please get in touch with us if you identify any information that should be revised. Our customers appreciate the option to review their quote with one of our bond specialists.  

3. Purchase Your Bond

For your convenience, you can pay the bond invoice and sign the paperwork online. We will then send the original bond to you via email. 

When applying for an Oklahoma mortgage lender license, you must submit an electronic surety bond through the NMLS. The Oklahoma Department of Consumer Credit is the authority on lender licensing and bond compliance. 

To comply with the licensing requirements maintained by the  Oklahoma Department of Consumer Credit, you must use the appropriate bond form. This is the Mortgage Lender License Surety Bond. This bond must remain active to maintain your lender license.

If you have any questions regarding the required bond amount, the definition and role of mortgage lenders in Oklahoma, etc., please contact us. 

Not long ago, a customer reached out to us with questions about the Oklahoma mortgage lender bond requirements. He enjoyed the support he received from our friendly bond experts and took advantage of the phone call to apply directly with one of our experts. Through our fast process, he soon had a bond quote to review. 

The licensing process for Oklahoma mortgage lenders is completed via the Nationwide Mortgage License System. When applying for your mortgage lender license, you must submit the following items:

• Application
• Surety bond
• Financial statements
• FBI criminal background check
• Credit report
• Qualifying individual
• Resident/registered agent
• Certificate of Authority/Good Standing
• Formation documents
• Primary contact employees
• Disclosure questions

Nationwide Mortgage Licensing System. (n.d.). Checklist compiler.
https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx

Justia. (n.d.). Oklahoma Statutes Title 59. Professions and occupations §59-2095.
https://law.justia.com/codes/oklahoma/title-59/section-59-2095/

Oklahoma Department of Consumer Credit. (n.d.). Oklahoma Department of Consumer Credit.
https://oklahoma.gov/okdocc.html