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Things Mortgage Brokers Need To Know About Surety Bonds
Information may not be reliable

Things Mortgage Brokers Need To Know About Surety Bonds
11/30/2015
Mortgage Broker Bonds are a formal guarantee that your business is legitimate. These type of bonds are required by the various states where the mortgage broker/lender is operating.


Mortgage Brokers Need To Know About Surety Bonds | Mortgage Broker Bonds | ProSure Group


By definition, Mortgage Broker Bond (also known as Finance Lender Broker Bonds/ Mortgage Lender Bonds) is form of insurance that protects a customer from illegal or unethical activities on the part of the mortgage broker. Before obtaining a license, a mortgage broker must apply for and receive a surety bond. In other words, Mortgage Broker Bonds are a formal guarantee that your business is legitimate. These type of bonds are required by the various states where the mortgage broker/lender is operating.

How does Mortgage Broker Bond work?

Mortgage Brokers Need To Know About Surety Bonds | Mortgage Broker Bonds | ProSure Group

Another important thing mortgage brokers need to know about surety bonds is: How does it work? In the case of mortgage broker bonds, the Principal is the mortgage broker; a broker needs a license in order to do business and needs the bond for this purpose. Even thought Licenses are managed by the Nationwide Mortgage Licensing System, each state (the bond Obligee) has its own requirements that mortgage brokers should meet to work legally within its borders. This applies to the mortgage broker bond too, so if you operate in more than one state, you’d need bonds for each one.

Applying for your Mortgage Broker Bond Online Can streamline the Process

Mortgage Brokers Need To Know About Surety Bonds | Mortgage Broker Bonds | ProSure Group

Luckily for mortgage brokers, getting bonded can be done online. This means less time wasted in unnecessary procedures and office visits. In addition, it might even reduce the price of the bonding process, as many surety bond agencies prefer this way of handling clients and offer price reductions. Start your Mortgage Broker Bond Process today by Applying Online at The ProSure Group website.

 


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Surety Bonds
Business details
ProSure Group Inc
  • +1 (813) 243-1110
  • 7217 Benjamin Rd, Tampa, FL, 33634, United States
  • prosuregroup.com/
Bonding. For a Better Tomorrow.
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