NJ correspondent lender bonds.
0.6% of the bond amount.

The blanket bond a correspondent residential mortgage lender must obtain before doing business in New Jersey, under the Residential Mortgage Lending Act. DOBI's licensing checklist calls for a surety bond in the minimum amount of $150,000, and the premium is 0.6% of the bond amount, $100 minimum, priced at checkout. Any credit screen is a soft pull only — it never affects your score.

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Required before closing loans as an NJ correspondent lender under N.J.S.A. 17:11C-63

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$150,000 minimum on the DOBI correspondent lender licensing checklist

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0.6% of the bond amount, $100 minimum — your exact price appears at the application

0.6% rate$100 minimumInstantissuance at checkoutSoft pullnever a hard inquiry

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How it works

Apply to filed in one sitting.

No quote round-trip on the correspondent lender bond — enter your amount, pay, and upload the executed bond to NMLS. Here is the whole thing:

NOW · ONLINE

Apply online

Applicant details, your county, the bond amount DOBI requires, and an effective date. Any credit screen is a soft pull that never shows as a hard inquiry.

INSTANTLY

Pay & e-sign

The premium is 0.6% of the bond amount, $100 minimum — priced at checkout, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.

SAME DAY

File it through NMLS

Your executed bond arrives by email, ready to submit with your correspondent residential mortgage lender application. DOBI also wants an original wet-ink bond — we mail it the same day.

About this bond

What it is and who needs it.

What the correspondent lender bond covers

A correspondent residential mortgage lender closes loans in its own name with funds supplied by a third party, then assigns them at or near closing. New Jersey licenses that activity under the Residential Mortgage Lending Act, and the DOBI new-license checklist requires an original, fully executed surety bond in the minimum amount of $150,000 from a surety authorized to do business in New Jersey.

The statutory bond runs to the State for the benefit of any person injured by the wrongful act, default, fraud or misrepresentation of the business licensee, its qualified individual licensees, mortgage loan originators, other employees and agents. It is a blanket bond — one bond for the licensed operation, not one per originator.

It is not insurance for you — if the surety pays a claim, you repay the surety. DOBI requires the bond principal's name to match the applicant's full legal name exactly, and the amount steps up with closed loan volume after each annual report; we track your term and send renewal notices 60 and 30 days out.

N.J.S.A. 17:11C-63 · DOBI correspondent lender checklistSection 13 of the New Jersey Residential Mortgage Lending Act requires a business licensee, prior to doing business, to obtain a blanket bond in an amount and form prescribed by regulation of the commissioner but not less than $25,000, running to the State for the benefit of any person injured by the licensee's wrongful act, default, fraud or misrepresentation. The Department of Banking and Insurance new-license requirements for a Correspondent Residential Mortgage Lender call for an original, fully executed surety bond in the minimum amount of $150,000 furnished by a surety company authorized to conduct business in New Jersey, with the principal's name matching the applicant's full legal name.

You need this bond if you're

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Applying for an NJ correspondent residential mortgage lender license through NMLS

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Table-funding closings in your own name with third-party funds for New Jersey borrowers

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Filing as an individual or partnership — this is the Propeller form for that applicant type

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Replacing a cancelled bond before DOBI suspends the license for lapsed coverage

One application, issued instantly.

These are the actual issuing fields — applicant details, county, the bond amount, and an effective date.

Start the application →

FAQ

Common questions.

How much is the New Jersey correspondent lender bond?The premium is 0.6% of the bond amount, with a $100 minimum. On the $150,000 minimum bond from the DOBI checklist that works out to $900. Your exact price appears at the application, before you pay.

How is a correspondent lender different from a mortgage lender?A correspondent lender closes residential mortgage loans in its own name using funds supplied by another party and assigns them at or shortly after closing. New Jersey issues it as its own RMLA license type, with its own checklist and its own bond filing.

What amount should I enter?Use the amount on your DOBI checklist or NMLS record — a minimum of $150,000 for a new license, which covers the first $50,000,000 of closed loan volume. The amount steps up after each annual report as volume grows.

Is there a credit check?If a credit screen runs on this bond, it is a soft pull only — never a hard inquiry, and it never affects your score. The rate stays 0.6% of the bond amount either way.

Does DOBI want an original?Yes — the checklist asks for an original, fully executed surety bond. We email the e-signed bond for your NMLS record and mail the wet-ink original the same day.

Related bonds

Other New Jersey bonds.

Get your correspondent lender bond today.

0.6% of the bond amount, $100 minimum, issued the moment you pay. Free until issued.

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Your premiumfrom $100

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