Too many Bonds

[grasshopper]

I just opened a mortgage brokering company here in Denver Colorado and want to have a mortgage brokers bond for all the states that touch mine to maximize potential clients in my area. The only problem is that I would need seven different bonds to achieve that. I understand each state requires a bond but isn't there a type of Federal bond that would supercede all the state bonds so I could just get one?

[Bond Magician]

Originally Posted by grasshopper

I just opened a mortgage brokering company here in Denver Colorado and want to have a mortgage brokers bond for all the states that touch mine to maximize potential clients in my area. The only problem is that I would need seven different bonds to achieve that. I understand each state requires a bond but isn't there a type of Federal bond that would supercede all the state bonds so I could just get one?

It would definitely be easier if you could just obtain one bond to cover all states, but we have to underwrite and issue bonds according to what each state is requiring the bond and what the different bond amounts are. Each state should provide a blank copy of their bond form. Each bond form has different bond language, cancellation clauses, etc. With this being said, we have to issue each bond separately.
Your best bet would be to call our office and contact the mortgage broker bond specialist and go from there.