How many mortgage broker bonds can I obtain?

[Unregistered]

I am starting my own mortgage broker business and I would like to obtain bonding for several states to start. I have good personal credit, is there a limit to how many bonds I can be approved for?

[Admin]

I am starting my own mortgage broker business and I would like to obtain bonding for several states to start. I have good personal credit, is there a limit to how many bonds I can be approved for?

In general, bonding companies will need to know more about you then just your personal credit in order to decide if they will write your risk. The most common points of interest for the sureties are:

-Personal Credit
-Real Estate Ownership (how much home equity)
-What the bond if guaranteeing (must have standard clauses)

Also, it is not the amount of bonds they will be concerned with, but the total amount of the bonds, as that will decide what their liability is. Currently, most sureties like to see business financials for anything over $50,000. However, mortgage broker bonds in particular have low claim rates and some sureties will write even larger bonds with no business financials required.

Let me know if you have any further questions.