Rates on 30 years mortgages remain above 6%
05/08/2008
Though down slightly from a week ago, mortgage rates remained above 6% for the 3rd consecutive week according to Freddie Mac. The Mortgage giant reported that 30 year mortgages average 6.05% this week, down .01% from last.
New Home Sales Drop, State Guide Update For Mortgage Brokers
04/24/2008
More bad news for mortgage brokers and bankers as The Commerce Department reported today that new homes sales dropped 8.5% last month, representing the lowest level (slowest pace) in over 16 years. On top of this came news that the median price of new home sales dropped by the largest amount in almost 4 decades, the [...]
Existing Home Sales Fall 2% in March, Pricing also Falls. Mortgage Broker Guide Update.
04/22/2008
The median price homes sold in March dropped to $200,700, a decline of 7.7% from the median price in March 2007. The National Association of Realtors revealed today that sales of existing single-family homes (including condos) also dropped 2%.
Bryant Surety Bonds also wants to make mortgage brokers aware that additional states have been added to [...]
Mortgage Broker Licensing Guidelines
04/21/2008
Bryant Surety Bonds is proud to unveil our state by state mortgage broker licensing guide. Because each state has its own laws and regulations, it is our hope that this guide will make it easier for mortgage brokers to know what they need to do to qualify for licensing in a new state.
Currently we have [...]
Operational Announcement: Bryant Surety Bonds Closed Friday 3/21/08
03/20/2008
Bryant Surety Bonds, Inc will be closed on Friday March 21, 2008.
Please explore our website to learn all about the Surety Industry, along with surety bond information by business type.
Also be sure to fill out an surety bond application, it is easy to do as everything can be completed online, and instant quotes are available.
Mortgage Rates Drop to Below 6% For The First Time In Over A Month
03/20/2008
For the first time since the week of Feburary 14 mortgage rates dropped to below 6%.
According to Freddie Mac, rates averaged 5.87% for 30 year loans, down from 6.13% last week.
Other mortgages also fell this week:
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 5.27%, down from 5.60%.
For five-year, adjustable-rate mortgages, rates dipped [...]
Bryant Surety Closed Friday 22, 2008 Due to Weather Conditions
02/22/2008
Please note that though Bryant Surety Bonds is closed due to the inclement weather outside, our agents are still accessible through their email and we will be processing applications and bonds as normal. If you are not currently working with an agent, please fill out one of our online surety bond applications, it takes [...]
2007 Home Sales Numbers
01/31/2008
The numbers are in for the 2007 housing market, confirming what what was already known, it was not a good year for to be a mortgage broker, or mortgage banker.
Sales of existing homes fell 2.2% in December, and for the year ended down 13%. This marks the largest drop in 25 years. Prices also fell [...]
A bid bond is used as security for bids submitted on a contract. Placing security on a bid guarantees that the bidder will execute the contract at the bid price, upon award of the bid. If security is not submitted with the bid, the bid is rejected. Additionally, if the winning bidder does not enter into a contract, the security is forfeited.
The Bid Bond also guarantees that the bonding company will provide a performance bond for the principal if awarded the contract. A claim can be filed if the bonding company refuses to place the performance bond. It is for this reason that bonding companies underwrite bid bonds with the same amount of scrutiny as if it were a performance bond. In short if the bonding company will not approve a performance bond, then they will reject the bid bond as well.
After years of lax underwriting, bonding companies have solidified their underwriting policies, allowing for very little risk. It is for this reason that no specialty programs are available for those with bad credit. In order to streamline the process, contract bonds valued at under $200,000 will be reviewed strictly using your credit report.
If the bid is withdrawn before bid opening, the bid security will be returned to the bidder. If the bidder is allowed to withdraw the bid before it is awarded, no action may be taken against the bid security or the bidder.
After the Bid OpensA successful bidder may not withdrawal their bid after the bid opens without penalty (forfeiture of security) unless the bidder can prove by "clear and convincing evidence" that a non-judgmental mistake was made in the original bid.
