Mortgage brokers, lenders, and servicers (registrants) conducting business in Ohio under the Residential Mortgage Lending Act. Required when: Required as a condition of obtaining and maintaining a Certificate of Registration to conduct mortgage business in the state. Exemptions: Entities exempted under ORC 1322.04, in…
Overview
What it is.
Mortgage brokers, lenders, and servicers (registrants) conducting business in Ohio under the Residential Mortgage Lending Act. Required when: Required as a condition of obtaining and maintaining a Certificate of Registration to conduct mortgage business in the state. Exemptions: Entities exempted under ORC 1322.04, in…
Who usually needs it
Mortgage brokers, lenders, and servicers (registrants) conducting business in Ohio under the Residential Mortgage Lending Act.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateOHBond amount0.5% of the aggregate loan amount of residential mortgage loans originated in t…Term lengthAnnualObligeeOhio Department of Commerce, Division of Financial InstitutionsRenewalThe bond must be maintained in effect at all times and is renewed annually through the Nationwide Multistate Licensing System (NMLS) in conjunction with the registration renewal, which expires on December 31st.Bond classLicense BondCategoryFinancial ServicesBondOhio Residential Mortgage Lending Act Surety BondStatutory referenceOhio Revised Code Section 1322.32JurisdictionState
