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.
The coverage is broken into three sections, with each particular unit providing specific protections.
Any mortgage banker may opt for the following additional coverage through a providing surety bond company:
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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:
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.