Pennsylvania (PA) - Mortgage Broker Bond, who writes them?

[Dale]

I am a PA mortgage broker looking to start my own business. I have read some of the other posts in this forum for what a surety looks for when underwriting a bond. I meet all of the standard qualifications, but I can't find anyone to write the Pennsylvania mortgage broker bond.

Does anyone write this bond? Why is PA so hard to get approved for or is like this for all surety bonds?

[Admin]

The Pennsylvania Mortgage Broker Bond is probably the most difficult mortgage broker bond to place nationwide. Most sureties refuse to write it due to the language in the bond form. According to the bond form, in the event of a claim, the surety does not have a say in the administration of funds. In other words, the state has control of their bank account if a claim arises. I think anyone can see why so many sureties keep away from this particular bond.

Only 1 out of our 16 sureties is willing to write the bond. You can apply online for it at the following link: Instant Approval Program - Mortgage Broker Bond