The Department of Consumer Credit manages the licensing of mortgage lenders within the State of Oklahoma. To qualify for and maintain a license, a Mortgage Lender Bond is mandated by the Department.
Jet Insurance Company provides the Mortgage Lender Bond to act as a financial assurance to the Department that the mortgage professional will abide by the stipulations of their license. If a violation such as negligence, misrepresentation, or fraud is committed, funds from the bond may be used as a means of restitution for the damaged claimant.
At Jet, the cost of a Mortgage Lender Bond is a small percentage of the $100,000 limit and is based on a soft credit check of the applicant. For example, Jet’s rates start at $375 for a one-year bond term or a simple payment of $38 per month.
Additional bond terms and Jet’s preferred tier rates can be found listed in the price chart below.
The Oklahoma Department of Consumer Credit, Licensing Division utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage lender licenses, as well as the filing of surety bonds. So once you purchase the Mortgage Lender License 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.
In Oklahoma, mortgage lender licenses expire on December 31st of each year. To ensure you experience a seamless license renewal with the Department, select the renewal button at the bottom of the page for more information.
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.