New Jersey correspondent lender bonds (corporations).
Quote on review.
A corporation licensed as a New Jersey correspondent residential mortgage lender must hold a blanket bond under the Residential Mortgage Lending Act. The Department of Banking and Insurance sets the penal sum: $150,000 at initial licensing, rising with closed loan volume. A specialist quotes it, usually within one business day.
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How much does a New Jersey correspondent lender bond cost?
It is underwritten: the premium is quoted from the bond amount and your financial picture, so there is no flat price to show.
From NMLS filing to bond on file.
DOBI wants the original bond within five business days of your NMLS submission, so it pays to start the bond alongside the application. Here is the whole process:
Send us the file
Apply online with the bond amount for your volume tier, the effective date, your state of incorporation and county, and the company’s legal name, address and owner details. Use the full legal name exactly as it appears on your NMLS application.
A surety specialist quotes it
A specialist reviews the company file and returns your premium. The bond issues the moment you pay — no credit review of any kind, not even a soft pull. No obligation until you accept the quote.
Execute & send it to DOBI
Once you accept and pay, we execute the bond on the Department’s form with the Correspondent Residential Mortgage Lender box checked and the power of attorney attached, ready to send to DOBI’s Licensing Services Bureau, Banking, within its five-business-day window.
What it is and who needs it.
What the correspondent lender bond actually guarantees
New Jersey licenses mortgage businesses under the Residential Mortgage Lending Act, N.J.S.A. 17:11C-51 et seq. A correspondent residential mortgage lender makes home loans but, in the Department of Banking and Insurance’s words, “may not, in the regular course of business, hold mortgage loans in portfolio or service mortgage loans, for more than 90 days.” That limit is the only thing separating it from a full residential mortgage lender license — and it lowers the net-worth floor to $150,000 under N.J.S.A. 17:11C-64. It does not lower the bond.
Section 17:11C-63 requires every business licensee, before doing business, to obtain a blanket bond in the amount and form the commissioner prescribes, never less than the statutory floor. The regulation then does the real sizing. Under N.J.A.C. 3:15-3.1, an applicant for an initial license obtains a $150,000 bond that covers the first $50,000,000 of closed loan volume. After each annual report the licensee must, if needed, raise the bond — to $200,000 above $50 million, $250,000 above $75 million and $300,000 above $100 million — and prove the increase to the Department within 30 days.
The bond runs to the State of New Jersey. Under N.J.A.C. 3:15-3.2 it protects consumers injured by the wrongful act, omission, default, fraud or misrepresentation of the lender, its qualified individual licensees or its mortgage loan originators, and it also stands behind what the company owes the Department: unpaid examination bills, penalties and assessments. Under N.J.A.C. 3:15-3.6 the surety must tell the Department about any claim and may not pay one until the Department directs it to. It is one blanket bond for the whole licensed operation, not one per originator.
Two practical points. DOBI uses a single bond form for every RMLA license type, with separate principal lines for an individual or partnership and for a corporation — this page is the corporate version, and the individual or partnership version has its own page. And it is not insurance for you: if the surety pays a claim, the company repays the surety. The form runs continuously until cancelled, and a surety can cancel only on 30 days’ written notice to the commissioner.
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
Term and renewal are set in the underwriter's quote.
Keep the bond in force for as long as the obligation behind it runs.
How to file it
Send us the file. Apply online with the bond amount for your volume tier, the effective date, your state of incorporation and county, and the company’s legal name, address and owner details. Use the full legal name exactly as it appears on your NMLS application.
What sets the price
This bond is underwritten: the premium is quoted from the bond amount and your financial picture, so there is no flat price to show.
One application, one specialist review.
These are the actual fields: the bond amount for your volume tier, the effective date, your state of incorporation and county, and the company’s legal name, address and owner details. A surety specialist reviews it and returns a quote, typically within one business day. Free until your bond is issued.
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 | N.J.S.A. 17:11C-63 · DOBI correspondent lender checklist | Varies | From $100 |
| Correspondent Residential Mortgage Lender Bond (Corporation) (this page) | 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.
Requirements checked on the carrier’s application, . Page updated .
Get your correspondent lender bond on file.
Tell us your volume tier and your company details, and a surety specialist sizes and quotes the bond — typically within one business day, in time for DOBI’s five-day window. Free until issued.