August 15, 2009 by admin
Introduced on the tenth of February, 2009, and Enacted on June 19th of the same year, House Bill 10 Requires Texas Mortgage Originators (regardless of whether they are employed by a mortgage broker/bank or not) be both licensed, and to either 1) Obtain and post a surety bond for their license or 2) pay into a recovery fun.
This Bill applies to those licensed and engaging in the sale of a Motor Vehicle that is used as a dwelling, or those making, transacting or negotiating property tax for a principle dwelling.
This Bill applies to Credit Unions.
Bond requirements or Recovery fund fees are yet to be announced as of the enactment date of this Bill.
Category: Mortgage Banker, Mortgage Broker Surety BondComments (0)
February 4, 2009 by admin
When the State of Connecticut enacted HB 5577 Mortgage Brokers in the state were required to increase their Mortgage Broker Surety Bonds to $80,000, up from the $40,000 previous requirement. The Effective date of this Bill was July 1, 2008 and required all brokers and lenders to be compliant by August 1, 2009.
Visit our mortgage broker bond page to learn more, and to apply online, instant quotes are available for Ct Mortgage Brokers.
Category: Mortgage Banker, Mortgage Broker Surety BondComments (0)
January 29, 2009 by admin
Recently we have had a several phone calls about the bond requirements for Colorado Mortgage Bankers. In Colorado, Mortgage Bankers must have a $15,000 Bond for their initial license. After that the bond is based on the loan volume, the amount ranges from $15,000-$25,000.
Colorado mortgage brokers are required to post a $25,000 Surety bond.
Category: Mortgage Banker, Mortgage Broker Surety BondComments (0)
November 14, 2008 by admin
Recently House Bill 2463 (HB 2463) was enacted that subjects Mortgage Servicers to the sale licensing/bonding requirements of Mortgage Lenders. The current Bonding requirement of lenders (and now Servicers) is $150,000.
Category: Homepage, Mortgage Banker, Mortgage Broker Surety BondComments (0)
November 4, 2008 by admin
New legislation went in to effect putting Mortgage Brokers and Lender in the state of Alaska under the regulation of the Alaska Division of Banking and Securities. According to the legislation all new applicants on or after July 1, 2008 must comply with the new regulations. All Mortgage broker and bankers must be in compliance by March 1, 2009.
Among the new rules are a mandatory background check (fingerprints); monitoring of all company applications, records, and daily practices; and all Mortgage Originators will be required to pass an examination as well as completing 24 hours of continuing education every 24 months.
Also, a $25,000 surety bond will be required. Alaska is not a “Brick and Mortar” State, so no physical office is required.
Category: Homepage, License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)
October 22, 2008 by admin
Over the next two weeks, the Bryant Surety Bonds website will be introducing a few changes. The first change that will be made is to the site navigation and informational layout. Our goal is to make our site as easy to use for our clients as possible. Surety bonds are a new thing to many of our clients, we want to make sure that all the information they seek about bonds is available to them through our site, and is a able to be found in a easy manner.
After this navigation update, we will be updating our state by state guides for Mortgage Broker Bonds, and Auto Dealer Bonds. Please check back for these updates and more information.
Category: General Surety Information, Homepage, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating AnnouncementComments (0)
June 30, 2008 by admin
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 to quickly responding to your needs when we return.
Category: Bad Credit, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating Announcement, Sales Tax, Seller of Travel, Subdivision, Telemarketing, UncategorizedComments (0)
June 25, 2008 by admin
Mortgage applications for the week ended June 20 dropped 9.3%, the lowest since December 28, 2001.
Borrowing for a 30 year fixed-rate mortgage averaged 6.39% in last week, down 0.18 percentage points from the previous week, this is also below the average 6.60% of a year ago.
Category: Homepage, Mortgage Banker, Mortgage Broker Surety BondComments (0)
May 8, 2008 by admin
Though down slightly from a week ago, mortgage rates remained above 6% for the 3rd consecutive week according to Freddie Mac. The Mortgage giant reported that 30 year mortgages average 6.05% this week, down .01% from last.
Category: Homepage, Mortgage Banker, Mortgage Broker Surety BondComments (0)
April 24, 2008 by admin
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 drop was 13.3% from a year ago.
Mortgage brokers looking to expand into new territories in hope of bumping revenue should take a look at our state by state mortgage broker licensing guidelines. We have just added a few new states: Oregon mortgage broker bond, Pennsylvania mortgage broker bonds, and for South Carolina mortgage brokers.
Category: Bad Credit, Homepage, License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)
