Residential mortgage loan professionals must post a Oklahoma mortgage broker bond with the Oklahoma Department of Consumer Credit in order to complete the approval and licensing process. The mortgage broker surety bond is now required pursuant to the Oklahoma SAFE Act. Each broker/lender/originator is required to provide a surety bond in the amount of $100,000.
The state statute provides that an original Oklahoma mortgage broker bond in the amount as determined above, must be executed by a surety company authorized to conduct business in the state. The surety bond ensures compliance with the Oklahoma SAFE Act. The broker/originator must also maintain a minimum net worth of $25,000, pay an initial license fee to the Department in the amount of $1,660.00 and be subject to both financial and performance examinations by the Department. An entity currently licensed as a mortgage broker that is required to obtain a mortgage lender license will not be required to pay an initial mortgage lender license application fee to the Department. The Oklahoma mortgage broker bond also indemnifies any person(s) who suffer any damage(s) or loss as a result of the residential mortgage broker’s/loan orginiator’s breach of contract or of any obligation arising therefrom, or by any violation of the law. The State or any person claiming against the bond may pursue an action for damages or other relief by complaint to the Department of Consumer Credit. The bond does not appear at present to be cumulative, the liability of the surety for all breaches of the conditions of the Oklahoma mortgage loan originator bond will likely not be allowed to exceed the amount of the same.
Oklahoma surety leader, Surety 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. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for an Oklahoma mortgage broker bond application or information on ANY surety or fidelity bond need.