To qualify for a mortgage servicer, broker, or banker license within the State of New Hampshire, either a $50,000 Mortgage Servicer Bond or a $100,000 Mortgage Broker/Banker Bond is required by the Banking Department.
The Mortgage Servicer Bond and the Mortgage Broker/Banker Bond provide financial protection to the public. This means that if the licensee violates state mortgage regulations (e.g. commits negligence, misrepresentation, a breach of contract, and/or fraud), funds from the appropriate surety bond may act as a means of restitution for the damaged claimant.
Jet has partnered with Lexington National Insurance Corporation to compare bond rates and find the price that works best for you. The cost of each New Hampshire Mortgage License Bond is a small percentage of the state-required bond limit and is based on a soft credit check of the bond applicant.
View the chart below for details on the preferred tier rates and various bond terms available.
|$50,000 Mortgage Servicer Bond
|$100,000 Mortgage Broker/Banker Bond
*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.
The New Hampshire Department of Banking utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage servicer, broker, and banker licenses, as well as the filing of surety bonds. So once you purchase a Mortgage Servicer Bond or a Mortgage Broker/Banker Bond, it must be filed with the NMLS.
If you need further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, look at Jet’s comprehensive Mortgage License Bonds Guide.