Holiday Schedule: July 4th
06/30/2008
Bryant Surety Bonds will be closed on Thursday, July 3rd for Independence Day Weekend; we will return on Monday, July 5th. We hope you all have a safe and pleasant holiday. While we are closed, please explore our website for information on surety bonds, and when you are ready, use our free online application. We look forward [...]
Holiday Schedule: Memorial Day Weekend
05/23/2008
Following the lead of bonding companies, Bryant Surety Bonds will be closing at noon (Eastern Time) on Friday, May 23rd. We will reopen on Tuesday, May 27th. We hope that you all have a fun, and safe, holiday weekend. We look forward to helping you with all your surety bond needs when we return.
For those wishing [...]
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 [...]
Regulation of mortgage brokers went into effect 180 days after the Mortgage Bankers and Brokers and consumer Equity Protection Act was passed on December 22, 1989. Up dates in the law in 1998 and again in 2002 made took this fairly unregulated state to a medium level of restrictiveness.
An applicant must have a physical location in the state of Pa, demonstrate fitness, and maintain a surety bond in the amount of $100,000 if the applicant intends on collecting advance fees. Each location must have one Mortgage Professional. The Mortgage Professional is defined as: 1) A manager of a licensed office that is maintained by a licensee. 2) An owner, officer, or W-2 employee who has the authority to underwrite or approve loans. 3) An owner, officer, or W-2 employee who as part of their official duties directly contacts borrowers to present, negotiate, or advise loan terms. The Mortgage Professional must participate in 6 hours of continuing education yearly.
Coming Soon
Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, Inc. offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.
