Mortgage Broker Bond
A mortgage broker bond is required by the state in which a mortgage broker operates. This bond guarantees the brokers license, which mandates that he or she will abide by the laws, rules, and regulations required under the mortgage broker licensure code. Each state has their own laws and as such, each state provides its own mortgage bonds form.
Just as recent as August 2007 Mortgage Broker Surety Bonds were being written at excellent rates for those who qualify. Since that time the market has significantly hardened against mortgage brokers. Because of this there are plenty of sureties that are no longer offering competitive rates, while others that are competitive are unable to write mortgage broker bonds in all 50 states due to certain "high-risk" bond language on the states bond form. It is for this reason that it is important to work with an agency that understand the current mortgage broker bond market. Bryant Surety Bonds, Inc can write mortgage bonds in all 50 states, regardless of credit history. In fact we have access to an exclusive market in several states that can save applicants considerable money.
Our agency is appointed with several large carriers that allows use to offer several exclusive bond programs that can suit the needs of almost any mortgage broker, regardless of credit. We even have programs that allow us to bond clients with bankruptcies at rates lower then anyone else; no collateral required.
If you have no credit, or poor credit, visit our high-risk mortgage broker bond program page to learn about this program, and to apply. Visit our mortgage bond instant quote application page to learn more about this application process.
State Specific Dates for Mortgage Bonds
Below are some dates to keep in mind when you are applying for your mortgage bond:
- Indiana: Mortgage Broker Bonds for the State of Indiana are required to on December 31st, and must run for a term of greater then 12 Months.
- Michigan: The expiration for Michigans first mortgages bond is June 30th, the secondary mortgages bond is required to expire on December 31st.
- Mississippi: MS requires their mortgage bond to expire on June 30th.
- Ohio: Mortgage brokers are required to have a surety bond that expires on April 30th in Ohio
- Texas: Broker Bonds in Texas must run for a term of 2 years.
Mortgage brokers in Idaho, please visit our Idaho Loan Originator Bond page to learn about the great savings that Bryant Surety Bonds, Inc. has for you.
