Texas Mortgage Broker Bond

[Tacoma]

I was approved for a $50k Texas Mortgage Broker Bond for a one year term. I was just infomred by the state that I am required to have a two year term. Am I still approved?

[PT]

Originally Posted by Tacoma

I was approved for a $50k Texas Mortgage Broker Bond for a one year term. I was just infomred by the state that I am required to have a two year term. Am I still approved?

You should check with the agent that quoted your bond but I'm sure a two year bond would not be a problem. In fact, I think there may be a reduction in the premium for the 2nd year.

[Hamburglar]

If there may be a discount for a two year term, can I get a bigger discount for a three year term?

[PT]

Originally Posted by Hamburglar

If there may be a discount for a two year term, can I get a bigger discount for a three year term?

I don't believe so. The discount for years two and on are the same - usually around 15%