What is the bond requirement for a business entity with an annual origination volume of $30 million?

For a business entity involved in mortgage lending, the bond requirement typically scales with the annual origination volume. With an annual origination volume of $30 million, the correct bond requirement is $100,000. This requirement is set to ensure that the lending business has sufficient financial backing to cover any liabilities or obligations that may arise from its lending activities.

In the context of regulatory compliance, the bond acts as a form of consumer protection and assures that the lender operates within the legal and ethical boundaries of the mortgage industry. It also demonstrates the lender's commitment to responsible lending practices and helps build trust with consumers and regulators alike.

Understanding the bond requirements is critical for lenders, as failing to meet these requirements can result in penalties, loss of licensing, or inability to operate legally within the state.