Puerto Rico Mortgage Loan Originator Surety Bond (Originadores)
If you are a mortgage loan servicer (originator) who seeks to conduct business in the Commonwealth, you must comply with the Puerto Rico mortgage loan servicer surety bond requirement. Fluency in the Commonwealth's licensing and compliance obligations are imperative to operate legally in the industry. A surety bond acts as a protective mechanism for consumers, ensuring that mortgage loan servicers fulfill their statutory and professional responibilities in a trustworthy and ethical manner.
A Puerto Rico mortgage loan servicer surety bond (fianza de originador de préstamos hipotecarios) is a form of financial assurance required by the Commonwealth of Puerto Rico to ensure mortgage loan servicers adhere to industry regulations and protect the interests of borrowers. This bond serves as a guarantee that the loan servicer will comply with all applicable laws and fulfill their contractual obligations to lenders, borrowers and investors. The primary purpose of a surety bond for mortgage loan servicers is to safeguard consumers and maintain the integrity of the lending industry. The mortgage loan originator surety bond requirement is contemplate in §3055c of the Puerto Rico Financial Services Code.
§ 3055c. Fianza (a) Todo peticionario de licencia de originador de préstamos hipotecarios residenciales deberá presentar una fianza cuya cuantía se calculará sobre el volumen de préstamos hipotecarios originados y será determinada por el Comisionado mediante regla o reglamento. (b) Los originadores de préstamos hipotecarios podrán utilizar la fianza de la entidad con quien contrata en sustitución de la fianza requerida para el originador de préstamos hipotecarios. History. —Diciembre 30, 2010, Núm. 247, art. 5.4, ef. 120 días después de Diciembre 30, 201
The Puerto Rico mortgage loan originator surety bond language contemplates, . . . Financial Protection: If the mortgage loan servicer fails to fulfill their contractual obligations or engages in unethical practices, the bond can provide financial compensation to affected borrowers or investors; and, Regulatory Compliance: Surety bonds ensure that mortgage loan servicers adhere to all relevant regulations, fostering transparency and accountability within the industry. Surety bonds may be filed with the OCIF (Comisionado de la Oficina de Instituciones Financieras de Puerto Rico) in paper version or by e-filing on the NMLS platform.
Puerto Rico surety bond leader, Surety One, Inc. offers this surety on credit and financial statement review for underwriting and rating decisions, however we offer non standard programs for applicants that may have damaged credit or may not have had the opportunity to develop credit. We decline no application, but rather offer terms that fit each applicant. Call (787) 333-0222, email Underwriting@SuretyOne.com or click here for a live chat with an underwriter.
La mayoría de la fianzas exigidas por las varias agencias y comisionados de Puerto Rico son sencillas y de monto mínimo. Para cotizar una simple fianza comercial necesitamos una solicitud más nada. Para montos más altos nos hace falta revisar los estados financieros personales y empresariales del/la solicitante. El estado crediticio personal del individuo y/o propietario(a) de una empresa importa PERO ofertamos programas especiales para solicitantes con el crédito dañado o falta de historial crediticio. ¡No rechazamos a NADIE!
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
What We Need From You
Obligee's Bond Form
