Increase in bond amount

[bad2thebond]

I currently have a 25k mortgage broker bond in place but want to increase it to 100k. The surety responded by saying I need a co-signer and doubled my premium. Why?

[lifeisgood]

There could be a number of reasons that your premium has doubled: your credit may have dropped, the length of time your company has been in business, your company and/or financials may not support the requested increase for your bond. I would go back to the surety and find out exactly why.

[Bond Magician]

Originally Posted by lifeisgood

There could be a number of reasons that your premium has doubled: your credit may have dropped, the length of time your company has been in business, your company and/or financials may not support the requested increase for your bond. I would go back to the surety and find out exactly why.

Has the surety bond market drastically changed from years ago?