New Jersey correspondent lender bonds.
From $100.
A correspondent residential mortgage lender must obtain a blanket bond 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.
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How much does a New Jersey correspondent lender bond cost?
0.6% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. 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:
Apply online
Applicant details, your county, the bond amount DOBI requires, and an effective date. No credit check up to $250,000.
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.
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.
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.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
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.
What sets the price
The premium is 0.6% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — applicant details, county, the bond amount, and an effective date.
Start the application →Common questions.
New Jersey mortgage license bonds.
We write 8 mortgage license bonds in New Jersey. Each license has its own bond, amount and price; pick the one your license calls for.
| License bond | Required by | Bond amount | Price |
|---|---|---|---|
| Residential Mortgage Broker Bond (Corporation) | N.J.S.A. 17:11C-63 · N.J.A.C. 3:15-3.1 | Varies | From $100 |
| Residential Mortgage Broker Bond (Individual or Partnership) | N.J.S.A. 17:11C-63 · N.J.A.C. 3:15-3.1 | Varies | From $100 |
| Correspondent Residential Mortgage Lender Bond (this page) | N.J.S.A. 17:11C-63 · DOBI correspondent lender checklist | Varies | From $100 |
| Correspondent Residential Mortgage Lender Bond (Corporation) | N.J.S.A. 17:11C-63 · N.J.A.C. 3:15-3.1, 3:15-3.2 and 3:15-3.6 · NJ Department of Banking and Insurance | Varies | Underwritten |
| Mortgage Servicer License Bond ($100,000 per office) | N.J.S.A. 17:16F-34 | Varies | From $100 |
| Residential Mortgage Lender Bond (Corporation) | N.J.S.A. 17:11C-63 · N.J.A.C. 3:15-3.1 | Varies | From $100 |
| Residential Mortgage Lender Bond (Individual or Partnership) | N.J.S.A. 17:11C-63 · N.J.A.C. 3:15-3.1 | Varies | From $100 |
| RMLA Licensed Mortgage Servicer Registration Bond | N.J.S.A. 17:16F-29(b)(4) · N.J.S.A. 17:16F-34 | Varies | From $100 |
Other New Jersey bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Get your correspondent lender bond today.
0.6% of the bond amount, $100 minimum, issued the moment you pay. Free until issued.