Kansas Mortgage Bonds
Kansas Mortgage Company licensees or applicants maintaining a Kansas office are required to obtain a $50,000 KS Mortgage Company Surety Bond. If the licensee or applicant originated or made more than $50,000,000 in Kansas mortgage loans during the previous calendar year, a $75,000 KS Bond is required by the Kansas State Bank Commissioner.
Kansas Mortgage Company Licensees or applicants who do not have a Kansas office will need to obtain a KS Mortgage Company surety bond in the amount of $100,000. If the licensee or applicant originated or made more than $50,000,000 in Kansas mortgage loans during the previous calendar year, a $125,000 bond is required.
An Iowa Mortgage Company is defined as the principal place of business for any entity engaging in, or holding out to the public as willing to engage in, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, the business of making, originating, servicing, soliciting, placing, negotiating, acquiring, selling, or arranging for others, or offering to solicit, place, negotiate, acquire, sell or arrange for others, mortgage loans involving Kansas residential property under the Kansas Mortgage Business Act.
Most bonds $50,000 or more require a credit check. NFP Surety can provide the Kansas Mortgage Company Bond quickly, and at a very affordable rate. Credit issues? Do not worry; NFP Surety’s knowledgeable and accommodating sales staff will place your bond with the most competitive source.
For more bond information, call NFP Surety at (800) 863-3210, or for information about licensing, please visit http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=KS