Mortgage Lender Bonds
What is a Mortgage Lender Bond?
Mortgage Lender Bonds ensure the banker will obey the terms and conditions of the state in which they operate. The nature of the risk is extremely similar to mortgage broker bonds. Some states require the same exact bond form and bond amount for brokers and lenders alike. The majority of states will require a larger bond for lenders.
Current Market: Due to the recent lending crisis, most bonding companies are very hesitant to add mortgage lenders to their books. Some bonding companies are not writing any new mortgage lender bonds, period. Fortunately, JW Bond Consultants represents a large variety of different sureties, many of which still consider both mortgage lender and mortgage broker bonds. Supply and demand should naturally show increased bond rates for mortgage lenders. Fortunately, for lenders and brokers it takes a while for bonding companies to file new rates. Therefore, excellent rates can still be had if you work with an experience agent that knows the market well.
Special Programs: Due to the quantity of mortgage bankers in search of suretyship, specialty programs are available. Our agency offers programs for clients varying in risk and can bond most in all 50 states, even start ups.
Get a FREE quote on your Mortgage Lender Bond online now!
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