Mortgage Broker Bond In lieu of Audit

[lifeisgood]

I need to get a mortgage broker bond in lieu of audit but I was thinking that that maybe I should get the regular mortgage broker bond too for double coverage. Do you recommend doing this?

[Surety Wizard]

While being very proactive in your thought pattern having both bonds is not a neccessity. The 20K Bond is if you have audited financials to show to the state. The 100K bond is set up for companies that do not have the resources to have audited financials. If the personal credit of the owners is good it will actually save you quite a bit of money annually to have the bond. If credit scores are poor or the company is not performing well I would recommend getting an audited financial report because premiums could get quite high for the 100K bond.