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 an Ohio mortgage broker bond? A mortgage broker bond is required by the State of Ohio 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, mortgage lenders, and mortgage loan originators are required by State of Ohio statutes to obtain a bond. What is the amount of the bond? Ohio requires a bond that is in favor of the Superintendent of Financial Institutions and is in the penal sum of 0.5% of the aggregate loan amount of residential mortgage loans originating immediately before the start of the calendar year, not exceeding $150,000 (or $100,000 if an individual loan originator is providing their own bond). The bond cannot fall under $50,000 plus an additional $10,000 penal sum per branch location is required to be paid. The term of the bond must coincide with the term of registration in Ohio, while the name of the principal insured on the bond must match exactly the applicant’s full legal name. For more information on Ohio’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 Ohio. 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.