AmeriPro Surety Bonds | 888-589-9732
A mortgage broker bond is a license and permit bond which states require to become properly licensed and which is also required to protect the public from wrongful acts committed by a mortgage broker.
States have differing amounts which they require. In Massachusetts, the amount required will be $75,000; while in California, the same surety bond will have a $25,000 requirement. And a New York mortgage bond will have varying amounts depending on the volume of business performed by the mortgage brokerage.
These bonds renew annually. Options exist to prepay these bonds for 2 or 3 years, thereby offering you a savings over annual renewals of the premium
Surety bonds have 3 sides, and a mortgage broker bond is no different.
There is the principal, who in this case, is the person who is required to purchase the mortgage broker bond.
There is the obligee, again, who is the licensing entity, who is requiring the principal to purchase a mortgage bond on its behalf (and that of the consumer public). The obligees, then, are both the licensing entity and the consumer public.
The surety is the insurance company which issues the mortgage broker bond and has the financial capacity to ensure its payment should that be required.
In short, you (the principal) purchase a mortgage broker bond from a surety to ensure compliance with and protect the obligee.
More About AmeriPro Surety Bonds:
AmeriPro Surety Bonds will help you obtain your mortgage broker bond at the best available price.
Once the bond has been issued, you will need to provide it to your licensing entity.
Fill out our form on our main page; or, better yet, contact us and we'll walk you through the steps for your mortgage bond today. In many instances, your mortgage broker bond can be purchased in as little as a few hours, if not sooner.