Other names for this bond: CA mortgage broker license bond, CA loan originator license bond, CA mortgage broker bond
According to California Financing Law all persons or businesses that act as finance lenders or finance brokers must hold a valid Finance Lender License. Finance Lenders are defined as any person engaged in the business of making consumer or commercial loans. Finance Brokers are defined as any person engaged in the business of negotiating or acting as a broker in connection to consumer or commercial loans made by finance lenders. In order to obtain a Finance Lender License, Finance Lenders and Broker are required to maintain a minimum net worth of $25,000 and to post an active $25,000 Finance Lender Surety Bond.
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CFLL lender and/or broker licensees who originate residential mortgage loans are required to maintain a surety bond that covers the activities of the MLOs they employ. The bond amount will be based on the amount of origination activities conducted by the licensee. The surety bond amounts will be based on the aggregate dollar amount of residential mortgage loans originated by the licensee in the preceding calendar year, as follows:
Aggregate Loans Bond Amount