Online Approval Information

[Unregistered]

I have recently applied for a mortgage broker bond online, and it seems like you really did not require that much information for me in order for me to be approved for a bond. What exactly do you look at and how do you determine the premium amount?

[Admin]

In general a surety will look at the personal financials of the owner(s), the credit score of the owner(s), and the business financials of the most recent year end if they are available.

However, sometimes sureties will offer bulk programs where little is required of the principal and the rates are lower (in general). At times we will even have programs that do not require any indemnification and only contact information. These programs are few and far in between, and can usually only be offered by agencies that produce a good volume of business with the bonding company so they can obtain the discounted rates and in house approval authority.