Arizona is one of the easiest mortgage broker bonds to place. Therefore, if you are placed in a high risk bond program in Arizona, you can be sure you will be in the same program for other states as well.
We will be starting our series “Mortgage Broker Bonds: State By State” with our home state of Pennsylvania, one of the most difficult states to obtain an approval for.
Surety bond underwriting is suppose to be done so there is never a loss. Obviously, this is near impossible to do. Perhaps it is time for the surety industry to rethink their underwriting practices and rates. It would be in everyones’ best interest if higher risk accounts were approved simply at a higher rate according to the perceived risk.
When you look to purchase anything, one of the first concerns is the cost. However, any experienced consumer knows that price is not everything and often you get what you pay for.
Many clients have the misconception that they will get a discount for obtaining multiple bonds through one agency. Unfortunately, quite the opposite is usually true.
In the first part of this article, we reviewed what bonding companies typically look at when reviewing an applicant. In this installment, we will talk about what you can do to better your situation to become less of a risk and in turn lower your bond premium. General Bond Application: For the most part, there read more »