Tennessee Mortgage Broker License Surety Bonds
Any person who for compensation, solicits, places, negotiates or originates mortgage loans for others, or offers to solicit, place, negotiate or originate mortgage loans for others or who closes mortgage loans that may be in the mortgage loan broker’s own name with funds provided by others and which loans are thereafter assigned to the person providing the funding of the loans; regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means, by mail or in person with the borrowers or potential borrowers for real property located within the State of Tennessee, must be licensed as a Mortgage Broker.
The TN Department of Financial Institutions requires a Mortgage Broker License Surety Bond in the amount of $90,000 for entities that only broker and $200,000 for entities that Broker and lend or service.
All Tennessee Mortgage Broker License Surety Bonds must be renewed or replaced by the statutory expiration date of 12/31 of each year.
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