Individual or Company/Umbrella Bonds

[inquiringmind]

Do states require each individual mortgage broker to get his/her own bond, or can a company/entity get a single broker bond for everyone working in that company?

[Admin]

It depends on the state. Is there a particular state you are looking to get licensed in?

[inquiringmind]

Thanks for the quick reply. I am looking at multiple states. Is there an approach that is more common? Is there a list or compiled info for which state requires which type of bond so I can get a general overview?

[Admin]

I believe Bryant Surety's website is your best bet. They have a pretty detailed analysis of state requirements for mortgage brokers.

See: Mortgage Broker Licensing & Bonding Guidelines | Bryant Surety Bonds