Mortgage Broker Surety Bond

Get Mortgage Broker Bonds nationwide!

VIDEOS

How To Get A Mortgage Broker License

watch video »

How To Choose A Surety Bond Company

watch video »

How To Get Licensed & Bonded

watch video »

License Bond: How To Get The Lowest Rate

watch video »

What Is A Surety Bond?

watch video »

Learn more at our full video library

FAQ

• What does a mortgage broker surety bond cost?

• Bonds prices are a percentage rate of the bond amount. Rates can vary greatly so it is suggested you see what exact rate applies to you. If you aren't planning on obtaining your license in the near future, you may just want to see the range of costs.

• Is there a blanket bond that will cover me nationwide?

• No. You will need a bond for each state you are operating in that has a bond requirement. Some states require a bond for each branch location and or loan originator.

• How do I get licensed in all 50 states?

• Getting licensed in all 50 states can be problematic if you work with the wrong surety agent. Mortgage broker bonds are not insurance for the broker, they are a form of credit. Many mortgage brokers reach their surety credit limitations before being able to get licensed in all 50 states. However, JW Surety Bonds can group bonds into bulk underwriting programs which allows brokers to exceed their surety credit limits by 10-20x. By doing so, the majority of our mortgage broker clients can get licensed nationwide.

• Can I get a mortgage originator surety bond with bad credit?

• Yes. Although it will raise the price for the bond significantly; our online tools allow you to easily get an idea of how much.

• How much time does a mortgage broker bond application take?

• Our online application will provide you with an instant quote online.

• Are these the same as mortgage banker bonds?

• No. They both guarantee compliance with state law, but they are different bonds for two different occupations. Some states use one bond form for both while others use separate forms. Similarly, some bonding companies underwrite the two occupations as the same, while others perceive bankers to carry more risk. See our mortgage lender & banker bond page for further details.

• How does this differ from mortgage broker professional liability insurance?

• Professional liability insurance protects the broker in the event of a claim. Mortgage broker bonds provide protection for the public, not the broker. In the event of a claim on the bond, the bonding company will look to the broker for reimbursement. Therefore, mortgage brokers bonds are truly a form of credit to the broker and insurance to the public.

  Both liability insurance and surety bonding are needed when operating as a mortgage broker. It is best to obtain insurance from a trusted Property & Casualty insurance agent, while surety bond requirements are always best left to those who specialize in them.

• Is this the same as a mortgage bond?

• No. Some mistakenly refer to these bonds as "mortgage bonds", but that is a different product. These bonds are a type of surety bond in place to guarantee the broker's license. Mortgage bonds are investment bonds backed by real estate or physical property, such as equipment. The mortgage bond market provides investors protection in the event of a default.

Still have questions? See our Education Center or ask us now!