Surety Bond Information » Mortgage Broker Surety Bond

Minnesota Mortgage Loan Originators

admin — Thu, 29 Jul 2010 10:27:56 +0000

Minnesota House Bill 2600/Senate Bill 264 would require all mortgage loan originators to be license and to obtain a loan orinators bond either on their own, or through their employers bond. The commissioner of Commerce will determine the amount the bond must be, and will be determined by the dollar amount of loans originated.

Vermont Mortgage Loan Servicers Bond

admin — Tue, 20 Jul 2010 10:00:02 +0000

SB 287, which has recently passed in the senate, would require both license and a $100,000 surety bond form Mortgage Loan Servicers in the State of Vermont. The Commissioner of Banking, Insurance, Securities and Health Care Administration would be able to adjust the amount of the bond that would be put in place to ensure compliance with the applicable laws and regulations of the state, as well as ensuring payment of all funds due to the state or any person.

Alaska Mortgage Brokers/Lenders Bond Requirement Changes

admin — Tue, 13 Jul 2010 07:43:43 +0000

Alaska revised its current license bond requirement ($25,000 Bond) for Mortgage Lenders/Brokers to comply with updated federal standards for for Mortgage Loan Originators. The new law will require a bond (amount yet to be determined through regulation), as well as adds a three year tail to the bond (currently the bond only had to be in place for as long as a license was active). This tail means that the bond will have to be in place for 3 additional years after the termination or revoking of a license. The new bill does provide a transition period ( maintaining the current $25,000 bond requirement) until the new regulations take effect.

Though not all details are finalized, applicants can expect a difficult time gaining approval for the new bond due to the three year tail.

Texas Mortgage Loan Originators: HB 10

admin — Sat, 15 Aug 2009 15:14:48 +0000

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.

Connecticut Mortgage Broker Bond Increase

admin — Wed, 04 Feb 2009 16:08:47 +0000

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.

Colorado Mortgage Banker/Broker Surety Bonds

admin — Thu, 29 Jan 2009 21:42:10 +0000

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.

North Carolina Mortgage Servicers

admin — Fri, 14 Nov 2008 14:47:49 +0000

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.

Alaska Mortgage Broker, Mortgage Bankers: New Regulation

admin — Tue, 04 Nov 2008 19:35:40 +0000

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.

Bryant Surety Site Changes Coming

admin — Wed, 22 Oct 2008 14:36:17 +0000

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.

Holiday Schedule: July 4th

admin — Mon, 30 Jun 2008 14:56:21 +0000

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.