Click to verify BBB accreditation and to see a BBB report.
Follow us on twitter!
+ Reply to Thread
Results 1 to 2 of 2
  1. Unregistered Guest

    How many mortgage broker bonds can I obtain?

    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?

  2. Join Date
    Jan 2005
    Posts
    755

    Quote Originally Posted by 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?
    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.

    Last edited by Surety Guy; 01-11-2005 at 07:12 PM.

Similar Threads

  1. Mortgage Broker Bonds in Multiple States
    By Bond Magician in forum Mortgage Broker Bonds
    Replies: 1
    Last Post: 11-27-2007, 09:17 AM
  2. Current Surety No Longer Interested In Mortgage Broker BOnds
    By Bond Artist in forum Mortgage Broker Bonds
    Replies: 2
    Last Post: 08-29-2007, 09:50 AM
  3. Fidelity Bond vs. Mortgage Broker Bonds
    By Hamburglar in forum Fidelity Bonds
    Replies: 1
    Last Post: 05-18-2007, 09:20 AM
  4. Mortgage Broker Bonds
    By Harley in forum Mortgage Broker Bonds
    Replies: 1
    Last Post: 05-16-2007, 12:50 PM
  5. Mortgage Broker Bonds
    By Harley in forum Mortgage Broker Bonds
    Replies: 1
    Last Post: 12-15-2006, 02:47 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.5.0 RC1 PL1