A mortgage broker bond is required by the State of Arkansas as a prerequisite for a licensed mortgage broker to legally operate in Arkansas.
Colonial Surety is authorized by the Nationwide Multistate Licensing System & Registry (NMLS) to write electronic mortgage broker bonds. If you are not registered with the NMLS, please visit the NMLS website.
A mortgage broker bond is required by the State of Arkansas as a prerequisite for any licensed mortgage broker to legally conduct business. The bond guarantees that the mortgage broker will operate in accordance with the applicable government rules and regulations.
Mortgage brokers are required by State of Arkansas statutes to obtain a bond.
All mortgage brokers are required by the State of Arkansas to purchase a minimum $100,000 surety bond. The final surety bond amount will vary for mortgage brokers.
For mortgage brokers and bankers, the surety bond amount is based upon the aggregate amount of residential loans secured by Arkansas residential real property that the licensee accepted or originated, or both, in the preceding calendar year. A $100,000 bond is required if the aggregate amount was no greater than $10,000,000 during the preceding calendar year. If the aggregate amount was greater than $10,000,000 but less than $25,000,000 during the preceding calendar year, a $150,000 surety bond is required. If the aggregate amount was greater than $25,000,000 during the preceding calendar year, a surety bond in the amount of $200,000 is required.
Colonial offers the direct and digital way to obtain a mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple!
A mortgage broker bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the State of Arkansas Securities Department.
It is important to understand how surety bonds work and who is the insurance company issuing your bonds. It is easy to obtain a mortgage broker bond when you deal directly with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best that has been incorporated since 1930. We are NMLS approved, Treasury listed, and licensed and admitted in all U.S. states and territories.