1. Holiday Weekend

    05/25/2007 by admin

    Please Note: Bryant Surety Bonds, Inc will be closing today, May 25th, 2007, at noon to begin our holiday weekend. We hope that all of you have a safe and happy holiday, we will resume normal hours on Tuesday, May 29th.

    Category: Operating AnnouncementComments (0)

  2. More Housing News…

    05/18/2007 by admin

    As promised, here is a follow up on the housing market report i posted on May 16, 2007.  This time the information comes from on of our nations largest home builders.  In short, they report that the slide continues, though with a few bright spots.  Here’s the short of it:

    • Claim that tougher lending standards for mortgages as well a weakened consumer confidence erased hopes for a new-home market rebound.
    • The luxury homebuilder said that its second-quarter revenue fell 19 percent.

    Postive news included:

    • Markets such as Philadelphia, New York, Raleigh, N.C., Dallas and
      Northern California, did well.
    • The company’s second-quarter cancellation rate fell to 19 percent. This is a key measurement because it indicates the willingness of a buyer to walk away from a purchase, even at the cost of potentially losing thousands of dollars from the down payment. The rate was 30 percent in the first quarter.

    The release goes on to say how the company would not meet its earning forecast.

     As I have suggested before, by applying for mortgage broker bonds, or mortgage banker bonds, brokers /bankers can expand their territories to reclaim loss revenues.  As stated above: Philly, NY, Dallas, Raleigh, and northern California are markets that have movement.  If you are near tehse areas, but nopt doing business there, maybe you should?  Learn more about surety bonds, including our bad credit surety bonds that are are availble for mortgage brokers.  This program requires no colateral, while still giving you a rate lower then other high risk markets.

    Category: Mortgage Banker, Mortgage Broker Surety BondComments (0)

  3. Housing starts up 2.5% for April 2007. Is this a false sign?

    05/16/2007 by admin

    April’s housing starts gain of 2.5%  beat economists’ expectations, possibly signaling a positive change of momentum for the housing market; and good news for both mortgage brokers, and mortgage bankers.  Lets look at the numbers to see what the have to say:

    • The Commerce Department stated that housing starts hit a seasonally adjusted annual rate of 1.528 million in April.
    • 1.490 million was the pace analysts were expecting.
    • Housing starts in April were at the highest pace since December 2006, but down nearly 16% from a year ago.

    Though this looks like good news, there was other numbers that show maybe all that much hasn’t changed.  For example:

    • Building permits dropped in 8.9% in April.  These permits show future builing plans.
    • April  pace was 1.429 million units. This represents the lowest pace since June 1997, when it stood at 1.402 million.
    • The expectation was for a rate of 1.525 million permits.

    Looking at these number it looks like a mixed bag for the housing, with more of the same to occur for the forseeable future.  We will continue to look for more information on what is happening in this industry.

    In the mean time, as we have suggested before, mortage  brokers can apply for a mortgage broker bond that will allows them to expand their territory to help compensate for lost revenues.  Mortage bankers can do the same with a mortgage banker bond.  For general surety bond information, subscribe to our blog.

    Category: General Surety Information, Mortgage Banker, Mortgage Broker Surety BondComments (0)

  4. How to Find Your Bond Form.

    05/09/2007 by admin

    Time after time an application is declined, or delayed because of the bond form that is attached to it (or in some cases, because no bond form is attached.  This bond form is the key ingredient for you application to be accepted, because it is this form that is spelling out the terms of the guarantee.

     

    As most of you know, a surety bond is a three party agreement involving the surety, the principal and the obligee.  The bond is a guarantee of something (depending on the nature of the business), and the bond form explains the terms and conditions of this guarantee.  It is for this reason that you must submit the correct bond form, and make sure it is up to date; otherwise you experience delays or may even be declined.

     

    So how is the best way to find these forms?  First you can turn to the internet.  The Surety & Fidelity of

    America (or SFAA) has created a database of bond forms.  Though not every form can be found here, they are continuously updating and adding to it.  If this method should fail, do a Google search (or any search engine you are comfortable with) entering “YOUR BOND FORM, YOUR STATEâ€?.  For example, a person looing for an auto dealer bond in California would enter “Motor Vehicle Dealer Bond, California”. Finally if this should fail, call the person, or organization that is requiring the bond.

     

    You may be asking why each bonding agency doesn’t keep the bond forms on file.  The answer is simply to it would take far to many resources.  There are hundreds of bonds; each requiring their own bond form, further compounding this issue is that each state has their own specific bond form for each type of bond. As you can see this leads to thousands of different bond forms to keep on file.  However the largest hitch in the plan may be that these forms are periodically updated with out notice.  As you can see it would take an incredible amount of resources to keep on top of this.

    Category: Arc Bond, Bad Credit, Blogroll, Contractor License, General Surety Information, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating Announcement, Sales Tax, Seller of Travel, TelemarketingComments (0)

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