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  1. Numbers
    Numbers is offline Member
    Join Date
    Oct 2007
    Posts
    80

    Delay of premium payment

    My premium payment on my mortgage broker bond is past due but I'm waiting to close a few more loans that have been held up so I can pay my premium. How long can I wait before before my renewal policy gets cancelled?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
    Join Date
    Oct 2007
    Posts
    558

    Mortgage Broker Bonds

    Quote Originally Posted by Numbers
    My premium payment on my mortgage broker bond is past due but I'm waiting to close a few more loans that have been held up so I can pay my premium. How long can I wait before before my renewal policy gets cancelled?
    That's a tough question, because Surety could cancel the bond at any time after payment is due. The longer you go after your due date the better chance you have of cancellation. If your bond is cancelled, there will undoubtedly be a reinstatement fee if you want the bond reinstated.
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