What is a Mortgage Broker Bond?
Mortgage Brokers are real estate financing experts that help people find and negotiate financing terms for their specific mortgage. In addition to being licensed, mortgage brokers must also post a surety bond to ensure compliance with state regulations governing this line of business. These bonds are required as a way to protect consumers that are in the process of obtaining mortgages. Our agency has a variety of programs designed to get all types of Mortgage Brokers approved at excellent rates.
Questions about Mortgage Broker Bonds in Maine
How much does a Mortgage Broker Bond cost in Maine?
Annual premium amounts are determined based on owner personal credit. Brokers with stellar credit may be eligible for standard market rates, which range from 1% to 3% of the total bond amount. If the owner has a low credit score, or derogatory items on their credit report, annual premium typically ranges between 5% to 10% of the bond amount. In most states, we can approve higher risk applicants at no higher than 7.5%.
If I have bad credit, can I get a Mortgage Broker Bond?
Yes. While many sureties only offer quotes to customers with stellar credit, Lance Surety has a variety of Mortgage Broker Bond programs that allows us to approve over 99% of applicants instantly through our online application. Your annual premium will depend on your individual credit profile, but we’re able to offer very aggressive rates to mortgage brokers.
What can I do to lower my rate?
While our agency offers instant quotes based on owner personal credit, it is possible to lower the cost of your Mortgage Broker Bond by providing additional information. For example, if you have strong liquid assets and can provide cash verification, that could be used to strengthen your application. Strong business and personal financial statements can also be considered in determining your rate.
Will one Mortgage Broker Bond cover multiple states?
No. You'll need to post a separate mortgage broker bond for each state that you plan on conducting business in. These are state requirements, so be sure to check with each state for their specific license and bond requirements to ensure compliance.
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Kimberlee AblesQuick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew PoincotLong story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie MartinezWe decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!