Delaware Mortgage Loan Broker Bonds
The Office of the Delaware State Bank Commissioner requires a $25,000 DE Mortgage Loan Broker Bond be filed in Accordance with Section 2108(a), Title 5 of the Delaware Code. The term of the DE Mortgage Broker Bond shall be corresponding with the license period or continuous, and the expiration date of the bond shall not be earlier than midnight of the date on which the license expires.
According to Delaware, “Mortgage Loan Broker” means a person who in the ordinary course of business, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, negotiates or offers to negotiate, or arranges or solicits, or offers to arrange or solicit, a mortgage loan on behalf of a borrower, or holds himself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan; or holds himself or herself out as being able to serve as an agent or independent contractor to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not a person employed as an employee or agent of the lender).
For more information about the Delaware Mortgage Loan Broker licensing requirements, please visit http://delcode.delaware.gov/title5/c021/index.shtml.
NFP Surety’s friendly and knowledgeable staff can help you obtain the $25,000 DE Mortgage Loan Broker bond regardless of credit. Call (800) 863-3210 today for more information.