Residential Mortgage Lender and Residential Mortgage Broker Surety Bond
Any person or business entity seeking a license to act as a residential mortgage broker, residential mortgage lender, or correspondent residential mortgage lender in New Jersey. Required when: Application for an initial license or the submission of an annual report indicating a change in closed loan volume requiring a…
Overview
What it is.
Any person or business entity seeking a license to act as a residential mortgage broker, residential mortgage lender, or correspondent residential mortgage lender in New Jersey. Required when: Application for an initial license or the submission of an annual report indicating a change in closed loan volume requiring a…
Who usually needs it
Any person or business entity seeking a license to act as a residential mortgage broker, residential mortgage lender, or correspondent residential mortgage lender in New Jersey.
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.
StateNJBond amount$150,000Term lengthContinuousObligeeNew Jersey Department of Banking and InsuranceRenewalThe bond remains in full force and effect indefinitely but must be reviewed and adjusted annually within 30 days of the submission of the annual report based on the licensee's closed loan volume.Bond classLicense BondCategoryFinancial ServicesBondResidential Mortgage Lender and Residential Mortgage Broker Surety BondStatutory referenceN.J.S.A. 17:11C-54JurisdictionState
