New Mortgage Co. in Tennessee

I am opening a new mortgage co. and I have applied with an insurance co. that says they specialize in mortgage broker surety bonds but 4 weeks later I am still waiting for an answer. Can your company possibly approve me under my circumstances? ( I know each case if different but I think this guy is not doing his job professionally.

1. Do you use a tri-merge credit report? I have a middle score of 716.
2. I own 3 properties
3. I have a DTI of 35%
4. I have $73,000 cash in banks
5. A total net worth of $218,200
6. I am sole owner and 25 years old

I think I have waited long enough for an answer but just don't want my credit pulled by too many companies.

Can you guys possibly help???

[Admin]

The TN mortgage broker bond is the most difficult to obtain out of all 50 states. There are two reasons for this:

1) The size, a $90K bond is a substantial size and requires a good amount of financial strength to get approved for. From the information you posted, it appears you qualify for a bond this large. However, more detailed information would be required to determine that. The best way to obtain that is to apply at: Mortgage Broker Bond Faxed Applications

2) The bond language on the states bond form is considered extremely risky. For one it does not allow sureties to cancel the bond mid-term for any reason. The bond also has a "tail", meaning that the bonding company could be held liable for claims even after the bond has expired. This is most likely the reason why you are having problems obtaining the bond.



The state is currently working on a new bond form, however they do not appear to be making changes necessary to make the bond any less risky. I recommend all of my clients to complain to the state about the language of the bond form.