Kansas Mortgage Loan License Bonds

Kansas Mortgage Loan License Bonds

The Office of the State Bank Commissioner (OSBC) manages and regulates the licensure of mortgage and loan businesses within the State of Kansas.

To qualify for and maintain a license, a surety bond is required by the OSBC—either a Mortgage Company License Bond or a Supervised Loan License Bond.

QUOTE

Jet Insurance Company provides both Mortgage Loan License Bonds to act as a financial assurance to the OSBC that funds are available should the licensee commit a violation that causes monetary damages to a mortgage loan client and/or borrower. 

How Much Does a Kansas Mortgage Loan License Bond Cost at Jet?

According to the OSBC, required bond limits for the Mortgage Company License Bond range from $50,000 to $125,000 and are based on the total dollar amount of loans transacted by the licensee in their previous year in business, as well as the number of office spaces.

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. So if you are seeking a $50,000 Mortgage Company Bond, rates start at $188 for a one-year term or $19 per month.

Additional bond limits and Jet’s preferred tier rates can be found in the following chart.

Bond LimitMonthly1-Year
$50,000$19$188
$75,000$28$281
$100,000$38$375
$125,000$47$469
KS Mortgage Company License Bond Pricing

As for the Supervised Loan License Bond, the limit must be equal to $100,000 plus an additional $25,00 for each additional business space under the license. However, the bond amount should not exceed $300,000 and approval from the OSBC must be obtained.

Jet’s rates for the Supervised Loan Bond are available at $375 for a one-year bond term or just $38 a month. Further bond limit examples and Jet’s starting rates can be found in the price chart below. 

Bond LimitMonthly1-Year
$100,000$38$375
$200,000$75$750
$300,000$113$1,125
KS Supervised Loan License Bond Pricing

Details on the Kansas Mortgage Company Bond and Supervised Loan Bond

The Kansas Office of the State Bank Commissioner utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage company and supervised loan business licenses, as well as the filing of surety bonds. So once you purchase the Mortgage or Loan License Bond with Jet, it must then 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.

In Kansas, mortgage company and supervised loan business licenses expire on December 31st of each year. To ensure you experience a seamless license renewal with the OSBC, select the renewal button at the bottom of the page for more information (renewal paperwork is due to the OSBC by December 1st annually).

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

Both surety bonds include a 30-day cancellation clause. See the details surrounding cancelling your bond.

Bond Claim Process

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

Kansas Mortgage Company License 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: