New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 3 - BONDING
Section 3:15-3.1 - Bond requirements
Universal Citation: NJ Admin Code 3:15-3.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A person who seeks an initial license as a mortgage lender or mortgage broker shall obtain a surety bond in the amount of $ 150,000, which shall be applicable to the first $ 50,000,000 of closed loan volume.
(b) Following the submission of each annual report, a mortgage lender or mortgage broker shall, if necessary, increase the amount of the surety bond based on the following closed loan volumes and provide proof thereof to the Department within 30 days of the submission of the report.
| 1. | Closed loan volume: $ 0 to $ 50,000,000 | $ 150,000; |
| 2. | Closed loan volume: $ 50,000,001 to $ 75,000,000 | $ 200,000; |
| 3. | Closed loan volume: $ 75,000,001 to $ 100,000,000 | $ 250,000; |
| 4. | Closed loan volume: $ 100,000,001 and over | $ 300,000. |
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