What are Mortgage Lender Surety Bonds?
Mortgage Lender Surety Bonds are required for individuals and businesses engaged in the establishment, servicing and sale of mortgages. These license and permit surety bonds guarantee that mortgage lenders will comply with all applicable laws and regulations, and protect their clients against any potential losses suffered due to their actions.
Which states require this bond?
Pacific Surety proudly offers Mortgage Lender Surety Bonds in the following states:
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Illinois
- Indiana
- Kansas
- Louisiana
- Maine
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Vermont
- Virginia
- Washington DC
- West Virginia
- Wisconsin
- Wyoming
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
How much do Mortgage Lender Surety Bonds cost?
Pricing for Mortgage Lender Surety Bonds varies, and your premium will be based on the following factors:
- Amount of the bond
- Term length of the bond
- Personal credit of the business owner
Individuals with good credit can expect to pay between .75%-5% of the bond amount. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get this Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Mortgage Lender Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How are Mortgage Lender Surety Bonds purchased?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.