Mortgage Broker Bonds
What is a Mortgage Broker Bond?
Mortgage Broker Bonds guarantee that licensed Mortgage Brokers comply with state licensing laws for the application, qualification, and placement of mortgages for the general public.
How does a Mortgage Broker Bond Work?
The requirements for a Mortgage Broker bond may vary from state to state, but in order for someone do business as a Mortgage Broker, a surety bond may be required. In many states this is a preliminary requirement to secure a Mortgage Broker license. The Mortgage Broker bond is required to protect the customer from fraud. It is important for the Mortgage Broker to represent their customer in an ethical and legal manor, as required by the state laws and regulations. If not, the customer has a right to file a claim against the Mortgage Broker with the state licensing department.
How much does a Mortgage Broker bond Cost?
The cost of this type of bond varies from each individual and the state in which the bond is required. When applying for this type of bond, the credit history of the owner and spouse of the company plays a big factor in determining the bond premium. Someone with good credit may pay a lesser premium than a person with poor credit. However, just because someone has poor credit, does not mean we cannot help you. At Universal Service Agency, we strive to find out clients the best rates with the strongest rated carriers to insure you are getting the best bond coverage available.
How do I get a Mortgage Broker bond?
Mortgage Broker bonds can be acquired by contacting surety bond agents/brokers. Since you’re already here, you can give us a call at 215-646-2400 or Apply Now here.
How to Choose a Bonding Company?
Universal Service Agency offers Surety Service Made Simple. We are the fastest surety only agency in the country, with over 100 years of combined surety experience servicing all 50 states. We exhaust all of our resources to get you the fastest turnaround times and lowest rates. We can help anyone, even clients that may not fit into the standard market. You can get a free quote here or call our bond experts at 215-646-2400.
How long does it take to get a Money Transmitter Bond?
Universal can issue bonds the same day an application is received. The amount of time between application and issuance is affected by a number of factors though, including but not limited to, the size of the obligation, the type of bond, and promptness of the premium payment.
Ready to Apply? It's simple!
Universal Service Agency is the fastest “surety only” agency in the country, with over 100 years of combined surety experience servicing all 50 states.