MORTGAGE BROKER, LENDER, AND MONEY TRANSMITTER BOND
American Surety Bonds Agency, LLC provides simplified and fast underwriting for Mortgage Broker, Lender, Processor and Money Transmitter Bonds in all states.
What is a Mortgage Broker Bond?
A Mortgage Broker Bond must be posted by brokers to ensure compliance with state regulations governing this line of business. These bonds are required by states to protect consumers that are in the process of obtaining mortgages.
What is a Mortgage Lender Bond?
Mortgage Lenders and Bankers are defined as any person or company who is compensated to originate, sell, or service mortgages. Specifically, mortgage lenders loan money to the borrower after closing the table. These bonds are required by states to protect consumers and ensure these lenders comply with applicable regulation.
What is a Mortgage Processor Bond?
A Mortgage Processor Bond is required similarly to mortgage broker and lender bonds, but pertains specifically to mortgage processing companies. These bonds protect consumers and ensure mortgage processing firms apply with applicable laws and regulations.
What is a Money Transmitter Bond?
A Money Transmitter Bond is required by many states in order for a company to obtain a license to transfer money or payment instruments. The bond guarantees that the money transmitter will comply with the rules and regulations in place regarding the transfer of money or payment.
Money Transmitter bond amounts and effective dates vary by state.
What are the underwriting guidelines?
Mortgage Broker, Lender, Processor and Money Transmitter Bonds are underwritten on the following criteria:
- Bond Amount
- Obligee Obligation
- Corporate and/or Personal Credit History
- Corporate and/or Personal Net Worth
- Length of Time in Business
How much does the bond cost?
American Surety Bonds Agency has a number of programs in place for Mortgage Broker, Lender, Processor and Money Transmitter Bonds. Our 5 tiered programs start at less than 1% of the bond amount with competitive rates for all applicants.
Contact us today to find out which program you qualify for.
How do I apply for a Mortgage Broker, Lender, Processor and Money Transmitter Bond?
To apply for a Mortgage Broker, Lender, Processor and Money Transmitter Bond, simply click here to complete our application. Or, give us a call and we will be happy to get you started.
Who can I contact for more information?
MM, Senior Underwriter
Are there any other bonds I might need?