When it comes to licensing a new mortgage brokering business, everybody is aware that there are some administrative steps involved, as well as considerable costs. Thus, it is important to know how and where to start from, so that the path is smoother and less cumbersome. It is also useful to see at which points read more »
It is not uncommon these days for mortgage brokers in Georgia to look for ways to save on administrative costs and insurances, especially when opening a new business in the current economic climate. When it comes down to a surety bond for obtaining a mortgage broker license, people usually think that the high costs cannot be read more »
You have a licensing project: to obtain a mortgage license in order to start operating as a mortgage broker. Of course, you have to go through the usual process of state business registration. On top of that, however, you will also need this specific state licensing, which is an additional factor in terms of time read more »
Connecticut mortgage brokers, lenders and originators must abide by a revised bond amount requirement. The new bill is titled SB 1110 and modifies the current licensing laws for mortgage lenders, brokers and originators. Previous legislation required a minimum $40,000 surety bond. SB 1110 requires the bond amount to mirror the licensee’s loan origination volume. The read more »
Mortgage servicers in Montana State now must obtain surety bonds in order to operate legally. The new law is titled HB 90 and requires mortgage servicers to acquire a $100,000 bond. HB 90 also states that separate bonds are needed for mortgage lender, mortgage broker and mortgage servicer licenses.
The world of surety seems to be doing just fine amidst the down economy. There are still a lot of construction jobs available and many bonds to be written; but could the healthy appearance of the surety industry be somewhat of an illusion?