Also known as Mortgage Broker Bond, Mortgage Broker Surety Bond, New Jersey Mortgage Broker Bond
Don’t wait for a quote. Your answer is here.
New Jersey mortgage brokers are required to carry a New Jersey mortgage broker bond. It ensures that a mortgage broker complies with state regulations. Rates are listed below.
The Surety Group has in-house underwriting authority. This enables us to discount bond programs and waive the spousal indemnity and collateral requirements for mortgage brokers. Please call us at 1-800-486-8211 if you have any questions. You will speak directly to an underwriter.
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PROGRAMS
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RATES/BOND AMOUNTS
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REQUIREMENTS
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I
Spousal Indemnity Waived
No Collateral Required
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Minimum Equifax score of 700 for anyone who owns more than 10% of the business
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5 years of related experience
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Real estate ownership
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Minimum DNB of 70
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Minimum adjusted corporate net worth of $500,000
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No liens or judgments
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II
No Collateral Required
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$500.00 /
$50,000
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$3000.00 /
$150,000
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Minimum Equifax score of 699 for anyone who owns more than 20% of the business
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3 years of related experience
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Real estate ownership
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No judgments, liens, bankruptcies, bond claims or declines from other sureties
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Financial statements must exhibit evidence of positive working capital equal to bond amount
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III
No Collateral Required
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$1000.00 /
$50,000
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$3000.00 /
$150,000
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Minimum Equifax score of 640 for anyone who owns more than 20% of the business
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3 years of related experience
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Real estate ownership
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No judgments, liens, bankruptcies, bond claims or declines by other sureties
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Financial statements must exhibit evidence of positive working capital equal to bond amount
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IV
Spousal Indemnity Waived
No Collateral Required
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$2500.00 /
$50,000
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$7500.00 /
$150,000
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Minimum Equifax score of 500 for anyone who owns more than 10% of the business
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3 years of related experience
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Real estate ownership
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Late payments are acceptable
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Closed bankruptcies, liens or judgments within the last 10 years are acceptable
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No unpaid child support, unpaid claims, or government investigations
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If you do not see a program/plan that fits your needs, we have others available.
Call to learn more.
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