{"id":1342,"date":"2013-12-28T22:29:16","date_gmt":"2013-12-28T22:29:16","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1342"},"modified":"2017-01-03T16:20:32","modified_gmt":"2017-01-03T16:20:32","slug":"oklahoma-mortgage-broker-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/oklahoma-mortgage-broker-surety-bond\/","title":{"rendered":"Oklahoma Mortgage Broker Surety Bond"},"content":{"rendered":"

Residential mortgage loan professionals must post a\u00a0Oklahoma mortgage broker bond<\/a><\/strong>\u00a0with the Oklahoma Department of Consumer Credit \u00a0in order to complete the approval and licensing process. \u00a0The mortgage broker surety bond is now required pursuant to the Oklahoma SAFE Act. \u00a0Each broker\/lender\/originator is required to provide a surety bond in the amount of $100,000.<\/p>\n

The state statute provides that an original\u00a0Oklahoma mortgage broker bond<\/a><\/strong>\u00a0in the amount as determined above, must be executed by a surety company authorized to conduct business in the state. \u00a0The surety bond ensures compliance with the Oklahoma SAFE Act. \u00a0The 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. \u00a0An 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. \u00a0The\u00a0Oklahoma mortgage broker bond<\/a>\u00a0<\/strong>also\u00a0indemnifies any person(s) who suffer any damage(s) or loss as a result of the residential mortgage broker’s\/loan orginiator\u2019s breach of contract or of any obligation arising therefrom, or by any violation of the law. \u00a0The 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\u00a0Oklahoma mortgage loan originator bond<\/strong>\u00a0will likely not be allowed to exceed the amount of the same.<\/p>\n

Oklahoma surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0is a specialist in the bonding needs of the mortgage loan origination and brokering services industry. \u00a0We 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\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email us at\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for an\u00a0Oklahoma mortgage broker bond<\/strong>\u00a0application or information on ANY surety or fidelity bond need.<\/p>\n","protected":false},"excerpt":{"rendered":"

Residential mortgage loan professionals must post a\u00a0Oklahoma mortgage broker bond\u00a0with the Oklahoma Department of Consumer Credit \u00a0in order to complete the approval and licensing process. \u00a0The mortgage broker surety bond is now required pursuant to the Oklahoma SAFE Act. \u00a0Each… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1634,1635,1636,1637,1639,1640,1638],"yoast_head":"\nOklahoma Mortgage Broker Surety Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/oklahoma-mortgage-broker-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oklahoma Mortgage Broker Surety Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Residential mortgage loan professionals must post a\u00a0Oklahoma mortgage broker bond\u00a0with the Oklahoma Department of Consumer Credit \u00a0in order to complete the approval and licensing process. \u00a0The mortgage broker surety bond is now required pursuant to the Oklahoma SAFE Act. \u00a0Each... 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