Applying for a Mortgage Broker bond or mortgage Banker
Bond is like applying for a unsecured loan. The Surety
will review credit and financials to make sure you can
pay back the surety if a claim arises. (Don't worry
we have a program if you do not meet the normal Surety
Company standards for Mortgage Broker bonds
There are many different types of Surety Bonds for
the mortgage industry there are Mortgage Broker Bonds,
Mortgage Banker Bonds even Correspondent Lender Bonds.
Mortgage Broker Bonds are usually required by the Department
of Banking. Please check with your state for who your
obligee is and the Mortgage Broker bond amount.
The Mortgage Broker Bond must be obtained before you
can get your Mortgage Broker license. The bond is to
protect the consumer against wrongful acts made by the
Mortgage Broker please check the Mortgage Broker Bond
form and state laws for details. Usually each State
has a different Surety bond amount for example in Florida
Mortgage Broker Bonds are in the amount of $10,000 and
Texas Mortgage Broker Bonds are for $50,000. Some states
require the Mortgage Broker Bond term to be for one
year and renewed annually other states like Texas require
the $50,000 Mortgage Broker Bond run for a 2 year Mortgage
Broker Bond Term.