Bryant Surety Bonds closed at noon on Friday, December 28th, 2007 for the New Years holiday. We will reopen on Wednesday, January 3rd, 2008. We wish you all a happy new year and look forward to serving your surety bond needs in the new year.

In the mean time, feel free to search our site for surety information, and when you are ready visit our online surety bond application to apply, instant quotes are available.

Bryant Surety Bonds, Inc. closed at noon on Friday December 21st so that we could have our annual holiday party. We hope all of you have a great holiday, we thank you for your business, and look forward to serving you in 2008. In the mean time, applicants may still apply using our surety bond application page. Once again, have a safe and happy holiday.

Today, December 20th, 2007, Bryant Surety Bonds unveiled its new site. It is our hope that visitors find the new layout easier to navigate. On top of easier navigation we have updated our online application to offer new exclusive surety bond programs, and an easier user experience.

The new site layout is just the first of several projects that we are working on. From now, through the first half of ‘08, we will be unveiling several new resources for our current, and future clients.

Please stop back to learn more about surety bonds, the surety industry, and to see the new resources as they are unveiled.

In a follow up to our post on Monday it appears that a deal has been reached and that the bush administration will announce the plan today.

Early indications are that some will have their mortgage interest rate frozen for a five year period.  The idea of the plan is to protect the economy from the threat poised by the large foreclosures among subprime borrowers.  It is estimated that this plan could give relief to hundreds of thousands of homeowners.

 Tax payer is not expected to be used for this deal.

 Here are some of the details:

• The plan covers subprime adjustable-rate loans that were issued from 1/2005 to mid-2007 that will reset to higher rates starting next year through mid-2010.
• To qualify, borrowers must live in their home and be unable to afford their payments once they rise to the new rate. In addition to this the homeowner must also have less than 3% equity in the home.

Treasury Secretary Henry Paulson said Monday he is confident that a deal would soon be in place that would help thousands of homeowners nearing mortgage default.  The deal is to freeze their interest rates temporarily.

About 2 million subprime mortgages are scheduled to reset to much higher levels by the end of 2008. Those resets will push the payment on a typical mortgage up $350 per month.

One final outstanding issue is how long this freeze should last. Many government regulators are pushing for five to seven years.  On the other side investors, who will see lower payments on the loans, are arguing for a period of one to two years.

We will keep you updated on the outcome of these talks, and the effect this may have on mortgage brokers and bankers.

Though not directly related to the surety bond industry, we though we would post a quick snapshot of what happened on black Friday. This day every year tends to give a quick view of the american economy and how comfortable consumers are to spend money. A good black friday, and therefore a good holiday season can great effects for retailers which then can ripple out to other parts of the economy in the new year. Lets look at the highlights:

It is still very early, and all the results are not in, but there are some encouraging signs that the holiday season could very well out pace predictions. Look for future posting on this topic in between our normal surety bond information postings.

Because the majority of sureties are closing early on Wednesday, November 21 2007, Bryant Surety Bonds will follow as well. Bryant Surety Bonds will close at 11 AM EST on Wednesday so that our employees can enjoy a nice long holiday weekend with their families. We will return on Monday the 26th rejuvenated and ready to satisfy your bonding needs with fair quotes and unmatched customer service.

Just because we are closed does not mean you are stuck. Please visit our site and learn about all the surety bond types, and when you are ready apply use our online surety bond application.

We thank you for the ability to serve you and wish you Happy Thanksgiving.

The surety bond industry can be broken down into major categories and sub-categories of these bonds. The two major surety bond types are commercial and contract bonds (court bonds being a third). To truly understand the surety bond market, and how it is viewed, you must know these types of bonds and what they mean. This article will discuss each major bond type, what they guarantee and examples of contract surety bonds and commercial surety bonds.

Think of Contract Bonds like a contractor for your building or dwelling. Contract bonds gives protection on specific contracts by assuring the project owner, or obligee, that the contractor, or principal, will guarantee performance on specified contract. The contractor shall work and pay laborers, sub-contractors and suppliers for material. Some major sub-categories for contract bonds are as follows:

1. Bid Bond is a guarantee that the contract, once awarded, will be performed at the bid amount. The bonding company, or agent, will underwrite the bond and provide the performance. The bidder becomes the contractor, or principal if awarded the contract. If required, the agent also provides payment and maintenance bonds.
2. The contractor will perform a contract under terms and conditions of its Performance bond. Simply stated, the principal shall complete the work under the terms and conditions of the contract.
3. The principal shall pay material suppliers, laborers and sub-contractor(s). Payment bonds guarantee this will happen. In some instances, the principal shall not be paid until all others are paid.
4. Maintenance bonds guarantee that materials and craftsmanship is acceptable to the obligee. Maintenance shall be performed after a specified amount of time due to lack of craftsmanship or defective material or the like.
5. Subdivision bonds guarantee improvements nearby, such as curbs, sidewalks, sewer and gutter; be it replacement or new construction. The principal shall promise to finance and construct items listed in this bond. Subdivision bonds may include construction and financing of traffic lights, drainage systems, streetlights, etc.

Commercial Bonds guarantee the principal listed on the bond will perform as specified in the bond. These are much different than the contract bonds, as you will notice just by their bond types.

1. License and permit bonds guarantee the operator shall be licensed. The licensee such as an auto dealer bond, telemarketing bond, mortgage broker bond shall perform to the terms set forth in each specific bond. 
2. Public official bond is that of the performance of a public official is guaranteed.
3. Miscellaneous Bonds guarantee lost securities. This sub-category bond includes but is not limited to utility payments, union fringe benefit contributions, workers compensation and certain leases.

There are many other sub-category bonds in both contract surety bonds and commercial surety bonds and to numerous to mention. The sub-category bonds each have their own different type of surety bond to offer. For instance there are literally hundreds of bond types in License and Permit Bonds alone. It is common that agents may deal with a sub-category bond for which they never came across before.

Perhaps the reason it is useful to know about these different bonds is that each bonding company underwrites each sub-category differently. The industry defines this terminology as “language”. The requirements for each sub-category have as many similarities as there are differences.

Report: Philadelphia Housing Prices Show First Decline In Five Years.

Enactments

• California: Senate Bill 998 Requires Finance lenders and residential mortgage lenders to file an original Surety bond, including riders and endorsements, with the Commissioner of Corporations.  Under previous law a copy of the bond was acceptable.
• Indiana: House Bill 1717 creates a new appeal process for final orders from the Secretary of State against those in violation of the mortgage lender and mortgage broker laws.  A $500 surety bond is required for this appeal process.
• Minnesota: Senate Bill 2096 requires residential mortgage originators and lenders to maintain a net worth of $250,000.  If the Originator/lender is unable to do so they most post a surety bond, or ILOC, in the amount of $100,000 in connection with licensure.  This is effective March 1, 2008.
• Mississippi: Senate Bill 2350 extends the application of the licensing and bonding requirements for mortgage lenders to correspondent lender companies. 
• Montana: House Bill 69 requires residential mortgage lenders to be licensed and to post a bond in an amount yet to be determined by regulation.
• Rhode Island: Senate Bill 104 increases the size of the license bond for mortgage loan brokers from $10,000 to $20,000.  This bill also increases the size for mortgage lenders from $25,000 to $50,000.

Carryover

• Hawaii: House Bill 1315 Would require Mortgage Brokers to post a $50,000 License bond