Residential mortgage loan professionals in Ohio are regulated by Title Thirteen of the Uniform Commercial Code, which among other provisions requires brokers to provide an Ohio mortgage broker bond with the Division of Financial Institutions (OMBA).  The mortgage broker surety bond is obligatory pursuant to the Ohio Mortgage Broker Act.  All licenses and certifications regulated under the statute renew on the thirtieth of April of each year.  Ohio mortgage loan originators that are also principals of licensed corporate brokerages must ensure that the loan orginator “company” surety bond is up to date.

The law states that no registrant shall conduct business it has obtained and maintains in effect at all times a Ohio mortgage loan broker surety bond issued by a bonding company or insurance company authorized to do business in the state. The surety bond must be in favor of the Superintendent of Financial Institutions and in thesum of one-half per cent (0.5%) of the aggregate loan amount of residential mortgage loans originated in the preceding calendar year.  The bond must in any event be more than one hundred fifty thousand dollars ($150,000) but no less than fifty thousand dollars ($50,000) plus an additional penal sum of ten thousand dollars ($10,000)  for each branch location at which the registrant conducts business. The term of the surety bond shall coincide with the term of registration (renewable each April 30th).  A copy of the Ohio mortgage loan originator bond shall be for the exclusive benefit of any buyer injured by a violation by an employee of the registrant, loan originator employed by or associated with the registrant, or registrant of any provision of the pertinent sections of the Revised Code or any rule adopted thereunder.  The aggregate liability of the surety for any and all breaches of the conditions of the bond shall not exceed the penal sum of the bond.  Whenever the sum of the surety bond is reduced by one or more claimss or payments, the registrant or licensee must provide additional bond capacity so that the total or aggregate penal sum of the bond equals the sum required by law.  An endorsement executed by the corporate surety reinstating the bond to the required penal sum of it is acceptable.  The surety bond must be filed with the Superintendant as follows:

Ohio Department Of Commerce
Division Of Financial Institutions
77 South High Street
21st Floor
Columbus, OH 43215-6120

The Ohio mortgage broker act bond can be canceled by t surety  upon notice to the superintendent by certified mail, return receipt requested. The cancellation shall not be effective prior to thirty days after the Superintendent receives the notice.  The liability for any act or omission that occurs during the term of the surety bond shall be maintained and in effect for at least two years after the date on which the corporate surety bond is terminated or canceled (two year tail).

Ohio surety leaderSurety One, Inc. is a specialist in the bonding needs of the mortgage loan origination and brokering services industry.  We offer both the surety and fidelity bonds required of mortgage professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Do you operate in multiple states?  View our state-by-state report of mortgage broker bond requirements here.  Visit us at, call (787) 333-0222 or (800) 373-2804, or email us at for an Ohio mortgage broker surety bond application or information on ANY surety or fidelity bond need.