What You Need Besides a Mortgage Broker Bond

Once you have your mortgage broker bond, find out what else is required to operate legally, as well as some tactics to help grow your business.


Continuing Education and Criminal Background Checks

Once you obtain your mortgage broker bond and are licensed with the state, all mortgage brokers are required to complete annual continuing education, which includes courses on Federal regulations, fraud, consumer protection and fair lending issues. Visit the Nationwide Mortgage Licensing System (NMLS) website to see which states have specific education requirements, the approved course provider list and continuing education FAQ’s. Also, all state licensed mortgage brokers must complete a criminal background check, submit a mortgage call report and complete the NMLS credit report authorization process (even if your credit information was already received by your state regulators).

5 Reasons to Incorporate Your Mortgage Brokerage

1

Protection of your personal assets. Should you have outstanding business debts, your personal assets cannot be used as payment if you incorporate.

2

Increase in credibility. Many people tend to put more trust in businesses that have “Inc.” or “LLC” in the company name.

3

Brand protection. Incorporating will prevent other businesses in your state from filing your exact company name (this is true for most states).

4

Tax benefits. If you incorporate your business, you are able to write off expenses such as life and health insurance premiums.

5

Easier access to loans. As you likely already know, banks often prefer lending to incorporated companies.


How to Get the Lowest Rates

Beat Out Your Competitors with Local Search Marketing

Online local search marketing is rapidly turning into one of the most effective ways to get your business recognized at the local level. Every month, billions of searches are done online for local businesses in the U.S. If local search marketing sounds like it could benefit your business, take this questionnaire to determine if this tactic is a good fit for you. If local search marketing is right for your business, there are several tools that you can use to maximize your efforts. View this visual guide to determine which options are right for you.

One of the most important items for your local search marketing campaign is your local business listing, so use this guide to find out how to get your business listed correctly. Reviews on your company also have a large impact on your ability to attract new clients. Read this article to learn how to manage your reputation and get positive reviews.

If you don’t have the time to manage your local search marketing campaign, you can hire a company that specializes in deploying this tactic to help grow your business.


Author:

Eric is an industry expert that specializes in taking complex surety concepts and explaining them in terms that make sense to the general public. He also manages the JW Surety Bonds website and works with various partners to help further educate the public on suretyship using various mediums.




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