Alabama Mortgage Loan Originator Bonds
Effective June 1, 2009, Alabama Mortgage Loan Originators are required to be licensed and to obtain a surety bond. They may be covered under their employers’ bond who is subject to the Alabama Consumer Credit Act or the Mortgage Brokers Licensing Act. The surety bond must include an amount for the loan originator equal to the amount of loans originated.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.