Mortgage Broker Bond

[Numbers]

When I pay for my mortgage broker bond renewal premium will I receive anythig in the mail to forward to the state?

[Bond Magician]

When I pay for my mortgage broker bond renewal premium will I receive anythig in the mail to forward to the state?

It really all depends on the state's bond form and the type of bond that you have. In some cases, a continuation certificate is not required because the bond language reads that "the bond is continuous until canceled". So, as long as you pay the renewal premium by the due date each year, the bond is valid until it is canceled/non-renewed (even if the original bond was issued years ago).

In some cases, depending on the bond language, a continuation certificate will be needed in order to ensure that your bond is renewed with the state.
For example, if the bond language states that there is a specific expiration date (Example - December 31,2007), a continuation certificate will need to be issued upon receipt of payment to renew the expiration date. After we issue the continuation certificate, we will forward it to you, and from there you need to submit it to the department of the state (obligee).

Hope this helps!