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Mortgage Banker Bonds

A mortgage banker bond (MBB) providers coverage and protection for a mortgage banker and any job-related issues as outlined by the combination of Fidelity Bond, Crime Coverages and Mortgagee’s Errors & Omissions. This protection and coverage policy is available only to mortgage servicers and banks. An MBB also acts as a guarantee that the banker will abide by the laws of the state in which they are practicing. In the event of a factual mortgage banker claim, this three-prong protection agreement permits the surety company to insert themselves into the case to resolve the matter.

What Is Covered Under A Mortgage Banker Bond?

The coverage is broken into three sections, with each particular unit providing specific protections.

Fidelity Coverage:

  • Employee Dishonesty
  • Theft Of Investor's Money Of Collateral
  • Theft Of Warehouse Lender's Money Or Collateral

Mortgagee’s Errors And Omissions (E&O) Coverage:

  • Liability To Investors
  • Liability To Mortgagors
  • Loss Of Mortgage Interest
  • Real Estate Taxes
  • Recordation E&O
  • Optional Coverages Available  

Crime Coverages:

  • Electronic And Computer Crime
  • Fraudulent Mortgages
  • Replacement Expenses
  • Forged Or Fraudulently Altered Real Estate Documents
  • Forged Checks
  • Claims Expense
  • Transit
  • Premises

Any mortgage banker may opt for the following additional coverage through a providing surety bond company:

  • Double Aggregate Limit
  • Mortgage Banking Language
  • Innocent Partner/Shareholder Protection
  • Investor Protection
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In most states, a mortgage banker is required to obtain a banker bond to complete licensure. As a general rule of thumb, a banker who may currently or in the future handle the following matters is required to obtain a banker bond:

  • Drafts residential mortgage loans for themselves, on behalf of a client or as a payee
  • Sells residential mortgage loans and/or interests
  • Services residential mortgage loans and/or offers escrow services

A mortgage banker Bond is determined by factors such as credit score; however, depending on the state guidelines the exact factor for determining bond cost vary. For example, in Florida, a mortgage banker with a good credit score may receive a quote of 4 percent of the total bond amount. Note that the ProSure Group will happily provide any mortgage banker with a free estimated quote.

Our surety bond company will offer to bond to a mortgage banker even if the individual does not have an ideal credit score. A banker may experience a higher quote, possibly between 5 and 7.5 percent of the total bond amount. However, an improvement in credit score will allow bankers to receive a lower premium each year.

To become a bonded broker, you will need the assistance of a trustworthy, experienced surety bond company. After submitting a completed application, our surety agents will process your application and move forward with underwriting the bond.

When applying for a mortgage banker bond it is vital to go through a company who has your best interest in mind. The ProSure Group is dedicated to providing bankers with required bonding at a reasonable, honest rate. Our agents are always willing to guide you through the process, from applying through underwriting and to licensure. To apply for a mortgage banker bond, contact The ProSure Group today.

If you don't see the bond you're looking for give us a call at (800) 480-3883 and speak to one of our many Mortgage Banker Bonds Surety Bond Experts!