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Mortgage Lender Bond

Mortgage Lender Bonds are a type of commercial license surety bonds required from individuals who want to operate as mortgage lenders.

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What is a Mortgage Lender Bond?

In order to become a licensed mortgage lender, mortgage bankers must obtain a mortgage lender surety bond. The bond is required as long as the individual is in the mortgage lending business because you can’t act as a mortgage lender without an active license or surety bond. 

A mortgage lender surety bond works just like any other surety bond. There are three parties in the agreement: the principal, the surety, and the obligee. The principal is the mortgage lender who purchases the bond to guarantee legal and ethical work performance. The obligee is the party (usually the state or federal government) requiring the bond from the principal. A surety is an organization that issues the bond to the mortgage lender and ultimately guarantees the work of the principal.

A mortgage lender guarantees compliance with all the aspects of the agreement. Should any of the requirements stated in the bond be broken, the obligee has the right to file a claim against the bond. If the claim turns out to be valid, the surety covers all financial expenses that come from the action. However, the principal takes all the financial responsibility for the claims and must repay the debt to the surety.

Bonding Solutions | Mortgage Lender Bond
Bonding Solutions | Mortgage Lender Bond
Bonding Solutions | Mortgage Lender Bond

How much do mortgage lender bonds cost?

The mortgage lender bond price can vary depending on the state and the credit of a mortgage lender. Each state requires a unique bond amount for mortgage lenders in order to operate in the industry. However, the principal doesn’t need to pay the entire surety bond amount but rather just the premium. 

The cost of the mortgage lender bond premium is determined by sureties and usually depends on the bond amount and the financial history and the credit score of the principal. Most sureties determine the rate between 1% to 5% of the total bond amount, but it all depends on the individual client.

Why are mortgage lender bonds required?

A mortgage lender bond offers protection to the mortgage lender’s clients and the state against frauds and state law violations. The agreement is meant to ensure a mortgage lender’s compliance with all the industry standards and regulations within a particular state. In fact, all states demand this surety bond type as a work license. Without it, a mortgage lender can’t operate legally in the industry. 

Mortgage lender bonds protect customers from illegal and unethical practices during the mortgage lending process. Although the bond terms can differ, most of them include protection in case of frauds such as charging unnecessary fees, pressuring buyers into purchases, basing the interest rate on factors other than the credit score, and more. 

How do I get a Mortgage Lender Bond?

Applying for a mortgage lender bond is simple when you choose Bonding Solutions. We have an easy online application or you can call us directly to speak with a bond specialist. Bonding Solutions is a leading bond agency, licensed to write surety bonds in all 50 states. We have bond programs available to meet the needs of each of our clients and ensure the lowest rates on the market. We provide quick turnarounds and always provide the best bond services in the nation. Contact us today to learn more!

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