Mortgage brokers and lenders may have different roles — the former connect borrowers to lenders; the latter issue loan products — yet both have to post surety bonds to meet state licensing requirements. The ProSure Group issues surety bonds for mortgage brokers and lenders in all 50 states. We also offer premiums as low as 1 percent of the bond amount.
Find out the rate you qualify for by requesting a free, no-obligation price quote. Or get in touch with our surety experts. We will guide you through the application process to ensure you are in compliance with the rules and regulations concerning mortgage broker and lender bonds in your state.
The cost of a surety bond is determined based on state laws and the qualifications of the applicant. Minimum bond amounts for broker or lender licensing requirements vary by state — Chapter 49 of the Mortgage Brokerage and Mortgage Lending Act in Florida, for example, requires mortgage lenders and correspondent mortgage lenders to post $10,000 bonds. At The ProSure Group, no matter the full bond amount, you pay only a small percentage of that. Qualified applicants can pay premiums of 3 percent or less, while those with stellar credit may be eligible for rates as low as 1 percent — or $100 for a $10,000 mortgage lender bond.
Brokers and lenders with below-average credit also can qualify for surety bonds from The ProSure Group. We offer a variety of rate options to get applicants approved at all credit levels. And after receiving their price quotes, some applicants can even lower their rates by providing additional financial documents showing they satisfy our underwriting criteria.
To hold mortgage broker or lender license, you must adhere to the rules and regulations of your state’s regulators as well as post a surety bond that meets the minimum requirements. The reason for broker and lender surety bonds is to give financial protection to consumers who apply for mortgages. In the event that a mortgage broker or lender acts unethically or flouts the law, the surety bond will cover the cost of damages suffered by the borrowers. In such a case, the broker or lender (the principal) must then reimburse the surety for the amount it paid out.
A surety can also discontinue a bond. State rules for cancellation vary, but they often involve a written notice sent to the principal and the applicable government department at least 30 days before the cancellation date. This is an example of why it is beneficial to choose The ProSure Group, a surety with a trustworthy reputation for building personal relationships with our clients.
The ProSure Group issues surety bonds to mortgage brokers and lenders throughout the country. Whether you are just starting out as a broker or looking to expand your business in new states, we will help get you the surety bond you need. Well-qualified applicants may be eligible to pay premiums as low as 1 percent, which means you could fulfill a $10,000 bond requirement for just $100.
We have a quick and easy application process, and our surety experts can walk you through every step, from receiving a price quote to submitting the final forms. Contact us today to get started.
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