Guam handles net worth requirements differently than other jurisdictions by requiring a minimum net worth at the loan originator level. However, this can be satisfied with a surety bond or an appropriate net worth at the company level. Contact us for more details.
- NMLS Cost: $700
- Additional Costs: $15 per credit report
- Qualifying Individual: on-site manager required
- Errors and Omissions Insurance: required
- Fidelity Bond: optional- between $50,000 and $100,000 recommended
- Surety Bond Requirement: $50,000 per licensed location up to $100,000 (electronic)
Mortgage Servicer License (Company)- NMLS Cost: $700
- Additional Costs: $15 per credit report
- Qualifying Individual: on-site Branch Manager required
- Errors and Omissions Insurance: required
- Fidelity Bond: optional; between $50,000 and $100,000 recommended
- Surety Bond Requirement: $50,000 per licensed location up to $100,000 (electronic)
Residential Mortgage Lender and Servicer License (Company)- NMLS Cost: $700
- Additional Costs: $15 per credit report
- Qualifying Individual: not required, unless there are branch locations; branch locations require on-site Branch Manager
- Errors and Omissions Insurance: required
- Fidelity Bond: optional; between $50,000 and $100,000 recommended
- Surety Bond Requirement: $50,000 per licensed location up to $100,000 (electronic)
Residential Mortgage Lender License (Company)- NMLS Cost: $620
- Additional Costs: $15.00 per credit report
- Qualifying Individual: requires Branch Manager
- Surety bond: required per branch location in the amount of $50,000, up to $100,000 maximum per company; requires surety bond rider for existing companies to list the branch location
Mortgage Servicer Branch License (Branch)- NMLS Cost: $620
- Additional Costs: $15.00 per credit report
- Qualifying Individual: requires Branch Manager
- Surety bond: required per branch location in the amount of $50,000, up to $100,000 maximum per company; requires surety bond rider for existing companies to list the branch location (electronic)
Residential Mortgage Lender and Servicer Branch License (Branch)- NMLS Cost: $620
- Additional Costs: $15.00 per credit report
- Qualifying Individual: requires Branch Manager
- Surety bond: required per branch location in the amount of $50,000, up to $100,000 maximum per company; requires surety bond rider for existing companies to list the branch location (electronic)
Residential Mortgage Lender Branch License (Branch)- NMLS Cost: $330
- Additional Costs: $15.00 per credit report, $36.25 per criminal background check
- Minimum net worth requirement: $250,000 (unless employed by or exclusive agent of a licensed company, in which the net worth of that licensed entity applies); surety bond can satisfy this requirement
- Surety Bond: $50,000 required for aggregate loans under $50,00,000, otherwise $100,000 bond required (Guam surety bonds must be countersigned by a local general agent to be approved)
Mortgage Loan Originator (individual)