Surety bonds • Arizona
Arizona Mortgage Broker Bond: $10,000 or $15,000 and Cost
Arizona mortgage brokers must file a surety bond with the Arizona Department of Insurance and Financial Institutions (DIFI): $10,000 if their investors are only institutional investors, or $15,000 if any are noninstitutional. Mortgage bankers need $25,000 to $100,000. Published prices for the broker bond start around $100 a year.
This guide covers bond amounts for mortgage brokers and bankers, how the bond is filed through NMLS, what it costs, and what it protects. Blake Insurance Group is an independent agency, and a licensed agent can help you compare options.
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Bond amounts
| License | Bond amount |
|---|---|
| Mortgage broker, institutional investors only | $10,000 |
| Mortgage broker, any noninstitutional investors | $15,000 |
| Mortgage banker, institutional investors only | $25,000 |
| Mortgage banker, noninstitutional investors | $25,000 to $100,000, based on assets and loan volume |
Amounts summarized by SuretyOne from A.R.S. §§ 6-903 and 6-943. Confirm your amount with DIFI.
How the bond is filed
Arizona mortgage licensing is handled electronically through the Nationwide Multistate Licensing System (NMLS). Many sureties file the bond electronically to NMLS once you grant them access, and they handle renewals and changes there (Jet Surety). A cash deposit or approved alternative in the same amount may be allowed instead of a bond.
How much the bond costs
| Term | Published price |
|---|---|
| 1 year | $100 |
| 2 years | $175 |
| 3 years | $250 |
Preferred rates published by Jet Surety; rates can vary with the personal credit of the applying officer. Mortgage banker bonds are underwritten on credit and financials.
What the bond protects
The bond protects borrowers, investors, and the state if the licensee or its officers or employees violate Arizona’s mortgage laws. If the surety pays a claim, the licensee must repay it. Suits on the bond generally must be brought within a set period after the act, and claimants must notify the superintendent when they file.
Arizona mortgage broker bond FAQs
How much is an Arizona mortgage broker bond?
The bond amount is $10,000 or $15,000, depending on your investors. Published prices start around $100 a year.
What bond does an Arizona mortgage banker need?
$25,000 if investors are only institutional, or $25,000 to $100,000 based on assets and loan volume otherwise.
How do I file my Arizona mortgage bond?
Through NMLS. Many sureties file it electronically for you.
Can I use cash instead of a bond?
Arizona allows a cash deposit or approved alternative in the same amount instead of a surety bond.
Related guides
Important information
Compensation. The link in the partner quote box near the top of this page is sponsored, and Blake Insurance Group may be paid if you make a purchase. Sponsored placement does not affect the other information on this page.
Independent agency. Blake Insurance Group LLC is an independent insurance agency. Licensed insurance producer NPN 16944666. Licensed states: AZ, AL, TX, CA, NY, OH, FL, NC, VA, GA, OK, NM, IA, KS, MI, NE, SC, SD, WV, IL, NJ, PA, TN, and WA. Which insurance companies we can quote depends on our current appointments, the product, and your state. Mentioning a company on this page does not mean we represent it.
Cost figures. Published averages and ranges are cited from the sources named, as of the dates shown. They are not quotes and may not reflect your price, which depends on the insurer, the surety, your credit, the bond type, and underwriting.
Availability. Coverage, prices, discounts, and eligibility vary by insurer, state, and applicant, and are subject to underwriting. The issued policy controls.
Your next step
Tell us about your license, and a licensed agent will help with your Arizona mortgage bond, or start a bond quote online with our partner.
