JW Surety Bonds

Massachusetts New Mortgage Broker Bond Requirement

The state of Massachusetts (MA) has finalized the language for their new mortgage broker bond requirement. The state worked with our agency’s President, JD Weisbrot in an effort to make the bond language acceptable to the surety industry as a whole. There were a couple of unacceptable drafts, but we are glad to say that the finalized bond form should be acceptable for all bonding companies. This will allow for more competitive rates and an easier approval process for all.

At JW Bond Consultants, Inc., we have added the Massachusetts surety bond to our “Instant Approval” mortgage broker bond program. The program offers online approvals at extremely competitive rates. Business and personal financial statements are not needed! Most qualify, as it is a unique program that only our agency has authority to write. You can get a free quote within minutes using our online application.

The bond requirements are $75,000 for mortgage brokers and starts at $100,000 for lenders. Be sure to check with the Dept. of Banking (see: www.mass.gov/dob) to ensure you qualify for all requirements to be licensed, as most bond carriers will not refund any premium on the first year of a bond if you need to cancel the policy.

If you have specific questions regarding the Mass. mortgage broker bond, you can post them on the Surety Forums at: Mass. Mortgage Broker Bond Questions.

Mortgage Broker Bonds: Hawaii

The state of Hawaii has just been added to our acceptable bonds list for our specialty mortgage broker programs. The Professional and Vocational Licensing Division of the Department of Commerce & Consumer Affairs (DCCA) (see: http://www.state.hi.us/dcca) regulates mortgage brokers within the state.

To obtain a brokerage license, an applicant must:

  • 18 years of age or older
  • Pay the required fees
  • Post a $15,000 mortgage broker surety bond
  • 2 years experience (handling first mortgages or subordinate mortgage financing, or equivalent)
  • Maintain a principal place of business within the state.

    One can obtain a free surety bond quote immediately online at: http://www.jwsuretybonds.com/apply.php

  • Big Changes For The Surety Bond Forums

    Over three years ago JW Bond Consultants launched the Surety Bond Forums (http://www.suretyforums.org). The forums were originally created with the intent of answering our clients’ questions. Since the start, the forums have helped to answer literally thousands of questions. However, most questions came from forum members that were not actually JW Bond clients. In other words, we were doing more of a public service rather than assisting our clients as originally intended.

    As of this week, we have decided to go in a new direction with the forums. Going forward the forums will have two purposes:

    1) A place where anyone can ask surety related questions (as it has been all along).
    As stated above, most of the questions posted over the years have come from people that are not our clients. However, we will now try to target the general public rather than simply our clients. In other words, not much has changed here other than the fact that our agency has acknowledged that the forum’s purpose is now for the surety industry as a whole rather than JW Bond clientele.

    2) A forum for industry professionals to network online.
    The forums have enabled many industry professionals to have a meeting of the minds. We currently have several underwriters from top sureties, surety claim experts, attorneys specializing in suretyship, engineers, and experts from various other fields pertaining to surety bonding. We would like to drastically increase the involvement of the industry to allow professionals to meet up with old friends, make new friends, discuss suretyship, post job listings, post resumes, and much more.

    The surety industry is small and most people seem to know each other through one another. When it comes to the surety industry there seems to be 2 degrees of separation rather than 6. That is why we created a private “Professionals Only” section of the forums. The section is password protected, but anyone within the industry will be granted access. If you are a surety professional and would like access to the private section simply use the contact form to let us know your industry experience.

    To further separate the forums from our agency’s site we changed the look of the forums, took away navigation links from the forums to our site, and registered a new web address. You can now find the Surety Bond Forums at: http://www.suretyforums.org. The sites are completely separate from one another now.

    If you have questions about surety bonding, drop in and post it! If you are a surety professional, be sure to tell others and create your free membership now.

    2007: Our Best Year To Date

    2007 was another exceptional year at JW Bond. Our business has grown by over 20%. In addition our company is successful and old enough now to qualify for the “Inc. 500″ list, which means you may see a write up about our success in the second half of 2008 in Inc. magazine!

    The growth has required us to add more staff, which I am pleased to say is working out great for us. Our easy going team oriented atmosphere truly makes our agency a special place to work everyday.

    Of course none of our success would be possible without our faithful clientele base. So here is to wishing a happy new year to all that have helped to make our company the success it has grown to be!