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 [...]
Texas mortgage brokers have been under regulation since January 1, 2000. The Texas Department of Savings and Mortgage Lending has the authority to regulate mortgage broker, and loan officer licensees due to the Mortgage Broker License Act. This act is one of the more restrictive policies one brokers in the United States. One reason is that there is no provision for business entities; instead any individual who performs brokering activities on behalf of the business entity must be licensed as a mortgage broker, or a loan officer.
To qualify for licensure individuals must be 18 years of age, and have three years experience. If the applicant does not have three years experience a bachelors degree and 18 months experience, or being actively licensed as a lawyer, real estate agent, insurance solicitor, or local recording agent can exempt the applicant from the 3 years experience qualification. In addition to the age and experience qualifications, the applicant must complete 15 hours of continuing education during the licensing period, as well as a minimum net worth of $25,000 or a $50,000 surety bond. An in-state office is also required.
Perhaps where Texas is toughest is on the requirements for employees of mortgage brokers. An employee of a mortgage broker must: be at least 18 years of age, demonstrate fitness, and pass a written exam. What sets Texas apart is that applicants for a Texas loan officer license must also fulfill one of the following requirements:
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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.
