Arkansas Mortgage Banker, Broker, and Servicer Bonds

Arkansas Mortgage Banker, Broker, and Servicer Bonds

The Securities Department manages the licensure of mortgage bankers, brokers, and servicers in the State of Arkansas. To receive and maintain a license, the Department requires a surety bond.

QUOTE

Jet Insurance Company provides each of the Arkansas mortgage bonds (i.e. the Mortgage Banker Bond, Mortgage Broker Bond, and Mortgage Servicer Bond) to act as a means of restitution to any party that has been financially damaged by the mortgage professional due to license violations such as negligence, unethical behavior, and/or fraud. 

How Much Does a Mortgage Banker, Broker, or Servicer Bond Cost at Jet?

At Jet, the cost of a Mortgage License Bond is a small percentage of the state-mandated bond limit (the bond amount is based on the loan activity of the broker, banker, or servicer during their previous year in business) and is subject to a soft credit check of the applicant. 

Let’s say you are applying for a $100,000 Mortgage Broker Bond. Jet’s rates start at $375 for a one-year term or you choose to go with a simple payment of $38 per month. 

For additional information on the available bond limits and Jet’s preferred tier pricing, take a look at the chart below. 

Prior Year Loan ActivityBond LimitMonthly1-Year
Less than or equal to $10 million$100,000$38$375
Between $10 million & $25 million$150,000$56$563
Over $25 million$200,000$75$750
AR Mortgage License Bonds Pricing

Details on the Arkansas Mortgage License Bonds

The Arkansas Securities Department has teamed up with the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage banker, mortgage broker, and mortgage servicer licenses, as well as for the filing of applicable surety bonds. This means that once you purchase one of the available mortgage bonds with Jet, it must then be filed with the NMLS.

Luckily, the Jet team can take care of the bond filing process for you! All you’ll need to do is grant us permission to act as your designated surety provider via the NMLS website (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the step-by-step process is stated on the NMLS’s Electronic Surety Bond for Licensees webpage.

In Arkansas, the renewal application for a mortgage banker, broker, and servicer license is due between November 1st and December 31st of each year. You must have an active Mortgage License Bond on file to qualify for a renewed license with the Department. For more information on the ins and outs of the renewal process with Jet, select the appropriate link at the bottom of the page.

In addition, further details regarding the mortgage industry, licensure in multiple states, and applicable surety bond requirements can be found in Jet’s 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

Arkansas Mortgage License Bonds contain a 60-day cancellation clause. View the details surrounding cancelling your bond here.

Bond Claim Process

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

Arkansas Mortgage Broker 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: