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.
What is a Georgia mortgage broker bond?
A mortgage broker bond is required by the State of Georgia 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.
Who needs this bond?
Mortgage brokers and mortgage processors are required by State of Georgia statutes to obtain a bond.
What is the amount of the bond?
The State of Georgia requires a $150,000 surety bond in order to be licensed as a mortgage broker and conduct business legally in Georgia. The name of the principal insured on the bond must match exactly the full legal name of the applicant on the MU1 Company Form and any organizing documents.
Georgia also requires a $250,000 surety bond for brokers using warehouse lines as they are considered lenders and must apply for a lender license.
For more information on Georgia’s mortgage broker requirements, visit the NMLS website.
What is the process to obtain the bond?
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!
What does the bond cost?
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 Georgia Department of Banking and Finance.
Does it matter where I get the bond?
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.