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What Are The Types Of Mortgage Licenses?

The ProSure Group is a surety bond agency that carries extensive experience in issuing varying types of mortgage licenses across the United States. Note that the required broker and lender licenses are not always differentiated; in certain states, a mortgage broker/lender license or a similar variation may suffice. Whether our clients require a mortgage broker bond or a tax bond, we assist in finding the correct surety bond in the necessary state and identifying its respective cost. The following types of mortgage licenses are four common licenses which require a license holder to have a surety bond.

Mortgage Broker

Serving as an intermediary with Mortgage borrowers and mortgage lenders, a mortgage broker acquires the necessary documents on behalf of the borrower. Then the mortgage broker provides the paperwork to a Lender so that the documents may be approved. The mortgage broker receives an origination fee for processing the loan from the mortgage lender.

Mortgage Lender

A mortgage lender is typically a bank or financial institution. A mortgage lender offers financing to a borrower requiring funds in order to acquire a Mortgage. The assistance of a lender cancels out the middle-man, the Broker.

Mortgage Originator

A Mortgage originator works with the borrower from the initial application to completion of a loan. This individual may gather all financial information, screen preliminary loan requests, submit the loan and then work with the borrower until the loan closes.

Mortgage Servicer

A mortgage servicer is responsible for loan management, such as processing loan payments. The servicer is responsible for distributing the appropriate monetary portions to the required entities. A company representative of the service company is available to answer any questions relating to the loan.

Mortgage Industry Surety Bond Requirements & State Variations

Each state has different mortgage industry surety bond requirements, and some states may not have them at all. For example, Florida has no mortgage bond requirements while Alaska carries a $75,000 bond requirement. To identify exactly what the requirements may be in any given state, clients may research surety bonds. Our surety bond agents are available to discuss specific bond requirements; our company is also able to issue bonds electronically via the NMLS (also referred to as ESB) to allowing states.

Trust The ProSure Group

For comprehensive guidance and detailed assistance throughout the process of obtaining a surety bond, contact the experts at The ProSure Group. Our agents are readily available to provide you with knowledgeable, friendly assistance. To request a surety bond quote, contact The ProSure Group.

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