The Delaware mortgage broker bond is nothing out of the ordinary. The amount is small, the bond language is fine, and bonding companies appetite for mortgage broker bonds remains steady.
Like many professions, contractors new to surety bonding are often in the dark as to what they are in need of. Learn about the most common bonds required of contractors and what a bond actually is.
Mortgage banker bonds are perceived to have more risk than mortgage broker bonds by some bonding companies. Other sureties feel the risk is the same and therefore are underwritten using the same requirement. Who is right? Do mortgage bankers pose a greater risk or are some bonding companies over thinking themselves?
The Connecticut mortgage broker bond is easy to get approved for. If an applicant obtains a high rate for this state, they will likely see similar rates, if not higher rates in other states.
Bonding companies will often agree to write risks they typically would decline by requiring collateral along with the premium. This is a good solution in certain circumstances, but clients would be wise to carefully read their collateral agreements prior to signing on the ‘X’.