Nebraska Mortgage Banker Bond and Installment Loan Company Bond

Nebraska Mortgage Banker Bond and Installment Loan Company Bond

The Department of Banking and Finance manages the regulation/licensing of mortgage banker and installment loan company licenses. To qualify for and maintain a license, the Department requires a surety bond—either a Mortgage Banker Bond or an Installment Loan Company Bond.

QUOTE

Jet Insurance Company provides the surety bonds listed above to act as a financial assurance to the Department that the mortgage professional will abide by the stipulations of their license. Should a violation be committed, funds from the appropriate bond may be used as a means of restitution by the damaged party. 

What Is the Lowest Price for a Mortgage Banker or Installment Loan Company Bond?

According to the Department, the limit for a Mortgage Banker Bond is based on the total amount of mortgage loans conducted by the licensee in their previous year of business.

At Jet, prices for surety bonds are a small fraction of the bond’s limit and are based on a soft credit check of the applicant. For instance, let’s say you are applying for a $100,000 Mortgage Banker Bond, Jet’s prices would start at $375 for a one-year term or just $38 a month. 

Further examples of loan amounts, bond limits, and Jet’s preferred tier rates can be found in the price chart below.

Total Amount of LoansBond LimitMonthlyCost
$0.00 to $5,000,000.00$100,000$38$375
$5,000,000.01 to $10,000,000.00$125,000$47$469
$10,000,000.01 to $25,000,000.00$150,000$56$563
Over $25,000,000.00$200,000$75$750
NE Mortgage Banker Bond Pricing

As for the Installment Loan Company Bond, the bond limit must be equal to $50,000 for each branch office. Jet’s available rates begin at $188 for a one-year term or $19 per month. 

Check out the following price chart for further details.

Bond LimitMonthlyCost
$50,000$19$188
$100,000$38$375
$150,000$56$563
$200,000$75$750
NE Installment Loan Company Bond Pricing

Nebraska Mortgage Banker Bond and Installment Loan Company Bond Details

The Nebraska Department of Banking and Finance utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage banker and installment loans company licenses, as well as the filing of surety bonds. So once you purchase your bond with Jet, it must be filed with the NMLS. 

Jet can handle filing your bond for you! We just need you to grant us permission to act as your designated surety company with the NMLS (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the NMLS breaks it down within the Electronic Surety Bond for Licensees webpage.

If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

See the details surrounding cancelling your bond (a 30-day cancellation period is required).

Bond Claim Process

Mortgage and loan licensees need to be aware of what causes a claim and what happens after a claim is made.

Nebraska Mortgage Banker Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: