{"id":1379,"date":"2014-03-30T22:26:40","date_gmt":"2014-03-30T22:26:40","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1379"},"modified":"2017-10-30T14:11:33","modified_gmt":"2017-10-30T14:11:33","slug":"ohio-mortgage-broker-act-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/ohio-mortgage-broker-act-surety-bond\/","title":{"rendered":"Ohio Mortgage Broker Act Surety Bond"},"content":{"rendered":"<p>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\u00a0<strong><a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Ohio mortgage broker bond<\/a><\/strong>\u00a0with the Division of Financial Institutions (OMBA). \u00a0The mortgage broker surety bond is obligatory pursuant to the Ohio Mortgage Broker Act. \u00a0All licenses and certifications regulated under the statute renew on the thirtieth of April of each year. \u00a0Ohio mortgage loan originators that are also principals of licensed corporate brokerages must ensure that the <strong>loan orginator &#8220;company&#8221; surety bond<\/strong> is up to date.<\/p>\n<p>The law states that no registrant shall conduct business it has obtained and maintains in effect at all times a <strong>Ohio mortgage loan broker surety bond<\/strong> 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. \u00a0The 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) \u00a0for 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). \u00a0A copy of the <strong><a href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">Ohio mortgage loan originator bond<\/a><\/strong>\u00a0shall 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. \u00a0The 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. \u00a0Whenever 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. \u00a0An endorsement executed by the corporate surety reinstating the bond to the required penal sum of it is acceptable. \u00a0The surety bond must be filed with the Superintendant as follows:<\/p>\n<p>Ohio Department Of Commerce<br \/>\nDivision Of Financial Institutions<br \/>\n77 South High Street<br \/>\n21st Floor<br \/>\nColumbus, OH 43215-6120<\/p>\n<p>The <strong><a href=\"suretyone.com\" target=\"_blank\">Ohio mortgage broker act bond<\/a><\/strong> can be canceled by t surety \u00a0upon 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. \u00a0The 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).<\/p>\n<p><strong>Ohio surety leader<\/strong>,\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Surety 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. Do you operate in multiple states? \u00a0View our state-by-state report of mortgage broker bond requirements <span style=\"text-decoration: underline;\"><a href=\"https:\/\/suretyone.com\/pdf\/all-bonds\/mortgage-broker-surety-bond-requirements-state-by-state.pdf\" target=\"_blank\">here<\/a><\/span>. \u00a0Visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email us at\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for an\u00a0<strong>Ohio mortgage broker surety bond<\/strong>\u00a0application or information on ANY surety or fidelity bond need.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0Ohio mortgage broker bond\u00a0with the Division of Financial Institutions (OMBA). \u00a0The mortgage broker surety bond is&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/ohio-mortgage-broker-act-surety-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1697],"tags":[1706,1707,1700,1701,1698,1699,1702,1703,1704,1705],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ohio Mortgage Broker Act Surety Bond &bull; 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\/ohio-mortgage-broker-act-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ohio Mortgage Broker Act Surety Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"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\u00a0Ohio mortgage broker bond\u00a0with the Division of Financial Institutions (OMBA). \u00a0The mortgage broker surety bond is... 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