Volume-based surety bond required by the Florida Office of Financial Regulation (OFR) of every Mortgage Broker, Mortgage Lender, and licensed Mortgage Servicer in Florida.
Florida Statute Chapter 494 establishes a tiered bond schedule administered through NMLS:
| License Type / Volume | Required Bond |
|---|---|
| Mortgage Broker (any volume) | $10,000 |
| Mortgage Lender (under $20M) | $25,000 |
| Mortgage Lender ($20M – $250M) | $50,000 |
| Mortgage Lender ($250M – $500M) | $75,000 |
| Mortgage Lender (over $500M) | $100,000 |
The bond protects Florida consumers from financial harm caused by violations of Chapter 494, including unlicensed origination, fee misrepresentation, or escrow mishandling.
Premiums scale with bond amount. The base $10,000 broker bond is among the cheapest mortgage bonds in the country — typically $100–$200 per year:
| Credit Profile | Annual Premium | Approx. Rate |
|---|---|---|
| $10,000 broker bond, good credit | $100 – $200 | 1% – 2% |
| $25,000 lender bond, good credit | $250 – $500 | 1% – 2% |
| $50,000 lender bond, good credit | $500 – $1,250 | 1% – 2.5% |
| $75,000 lender bond, good credit | $750 – $1,875 | 1% – 2.5% |
| $100,000 lender bond, good credit | $1,000 – $2,500 | 1% – 2.5% |
| Any tier, challenged credit | Up to 5% of bond | 3% – 5%+ |
Florida mortgage bonds are continuous. Premium is billed annually. OFR audits volume tiers via NMLS reports; underbonding requires correction within 30 days. Mortgage brokers (no own-funds origination) stay at $10,000 regardless of volume.
Mortgage brokers in Florida don't fund loans — they connect borrowers to lenders. The risk of escrow or funding fraud is concentrated at the lender level, hence the $10K vs. up-to-$100K difference.
Yes. Florida Mortgage Servicers post a $25,000 minimum bond regardless of volume; higher tiers may apply for very large servicers under OFR guidance.
You'd need a Lender license. Brokers funding their own loans (even occasionally) must upgrade to a Lender license and post the corresponding higher bond.
Yes, but the OFR requires you to file a Lender application, post the corresponding bond, and complete net-worth requirements before resuming any own-funded origination.
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Start Your ApplicationRelated: All Florida surety bonds · What is a surety bond? · How surety bond costs are calculated