New Financial Info

[Numbers]

After my bond term is completed for the first year. Do I have to submit new financial and other info to get the bond to renew?

[marietta68]

Because of the deterioration of the mortgage lending market, underwriters will defintely require updated financial information for their bonded principals. It's also very important to fulfill any filing requirements imposed by your state to maintain the license; many of the claims we're seeing have to due with failure to complete those reports.

[Admin]

I have to disagree with you on this...Mortgage broker bonds are typically small enough that most bonding companies are not bothering to ask for updates. We find that even the most conservative sureties only ask for updates for bonds over $25K. Most of our bonding companies do not request updates on brokers at all.

Lenders however are a much different story. Bonding companies are very often asking for updates on them or getting off of them completely.