Mortgage Broker Bonds
If you are a Mortgage Broker, the State(s) in which you conduct your business will require a Mortgage Broker Bond before a Mortgage Broker State License can be issued to you.
If you have never had to apply for a Mortgage Broker Bond before, you need to know that the Mortgage Broker Bond is a form of surety bond. A surety bond is a guarantee that you (also known as the Principal in bond language) will uphold any statutes, laws, rules, and regulations that are outlined by the State (also known as the Obligee in bond language) in which you facilitate loans.
As a result, the SAFE Act of 2008 has created minimum standards that every state has adopted. In order to obtain a Mortgage Broker License in any State, you must first pass the requirements of, and register with, the Nationwide Mortgage License System (NMLS).
Our Free 24 Hour Quote Procedure
How to cut down the approval process and keep your cost low:
1. Our applications are all that's usually needed to get you a price.
2. Occasionally, more information is needed. If so, we will contact you within 24 hours.
3. If you have credit issues, approvals might need an additional day.
4. We never require an application fee. All quotes are 100% free.
5. Bond approvals, like loans, are based on personal credit, financial strength of the owner, bond amount and type of bond. The more information you provide, the better chance you have of getting the lowest available price and a faster approval.