Delaware Mortgage License Bonds

Delaware Mortgage License Bonds

The Office of the State Bank Commissioner manages the licensure and regulation of mortgage loan brokers, mortgage loan originators, and lenders within Delaware. To qualify for and maintain a license, the Office requires a surety bond. 

QUOTE

Jet Insurance Company provides each of the Delaware surety bonds (i.e. the Mortgage Loan Broker Bond, Mortgage Loan Originator Bond, and Licensed Lender Bond) to act as a financial assurance to the Office that funds are available should the licensee commit a violation that causes monetary damages to a loan client and/or borrower. 

How Much Does a Mortgage Loan Broker, Originator, or Lender Bond Cost at Jet?

According to the Office of the State Bank Commissioner, the Mortgage Loan Broker Bond is required to have a $25,000 standard limit. However, the amounts for the other bonds vary and must be approved by the Commissioner. 

The Mortgage Loan Originator Bond limit must be equal to the total dollar amount of loans originated by the licensee. The Licensed Lender Bond amount ranges from a minimum of $50,000 to upwards of $200,000 and is based on the total dollar value of the licensee’s business/fees collected.

At Jet, rates for surety bonds are a small percentage of the state-mandated bond limits and are based on a soft credit check of the applicant. For instance, rates for the $25,000 Mortgage Loan Broker Bond would start at $100 for a one-year term or a simple payment of $10 per month. 

For further examples of the various bond limits required, as well as Jet’s preferred tier rates, take a look at the following price charts.

Bond TermCost
Monthly$10
1-Year$100
DE Mortgage Loan Broker Bond Pricing

Bond LimitMonthly1-Year
$25,000$10$100
$50,000$19$188
$100,000$38$375
$150,000$56$563
DE Mortgage Loan Originator Bond Pricing

Bond LimitMonthly1-Year
$50,000$10$100
$100,000$38$375
$150,000$56$563
$200,000$75$750
DE Licensed Lender Bond Pricing

Delaware Mortgage Loan Broker Bond, Mortgage Loan Originator Bond, and Licensed Lender Bond Details:

The Delaware Office of the State Bank Commissioner works with the Nationwide Multistate Licensing System and Registry (NMLS) to keep track of and administer the licensing paperwork of mortgage professionals. So once you purchase a Mortgage Loan Broker Bond, Mortgage Loan Originator Bond, or Licensed Lender Bond with Jet, it is required to be sent over to the NMLS for filing.

Fortunately, Jet can take care of filing your surety bond for you! We just need you to grant us permission to act as your designated provider via the NMLS website (Jet Insurance Company NAIC #16379). For details on how this process works, check out the NMLS’s Electronic Surety Bond for Licensees webpage.

If you are interested, Jet’s Mortgage License Bonds Guide contains tons of info on the mortgage industry, licensure in multiple states, and the various surety bonds required.  

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

Delaware Mortgage License Bonds include a 30-day cancellation clause. View the details surrounding cancelling your bond here.

Bond Claim Process

Licensees need to be aware of what causes a bond claim and what happens after a claim is made.

Delaware Licensed Lender 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: