6 Month Term

[bad2thebond]

Can I get a mortgage broker bond for a 6 month term?

[Bond Magician]

Originally Posted by bad2thebond

Can I get a mortgage broker bond for a 6 month term?

A surety company will issue a bond based on what the obligee is requiring. The State will require the bond to be in place for at least one year, so we could not issue the bond for a six month term. Some states require the bond to be for a two year or even three year term.

[grasshopper]

I m expanding my mortgage company and have a two year term bond in one state, what states rquire a three year term?

[Surety Wizard]

There currently are no Mortgage Broker Bond requirements for more than two years.

[grasshopper]

But bond magician stated there was in this post.

[Admin]

Let me clarify...

Surety Wizard is correct in that there are no mortgage broker bond requirements over 2 years.

A mortgage bond can be issued for a 6 month term, but the surety would bill you for the full year. A better option is to do an 18 month term, as anything over 12 months is typically pro-rated. This will make it so you don't lose those 6 months of premium.


Make sense?