Are You Paying Too Much For Your Surety Bond?

Real Estate Broker Bond

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If you’re in the mortgage industry, it’s time to start thinking about your license renewals for 2018. The renewal period for the NMLS starts on Nov. 1, 2017 and ends on Dec. 31, 2017.  In order to avoid penalty fees, be sure to submit all the required documentation and fees prior to the deadline.

This is the time to make sure your records are up to date, pay the NMLS processing fee, and pay for renewal requests. This is also a good time to save some money and shop for a better rate on your surety bond.

Your renewal may also include an update to your bond amount due to loan volume increases, loan underwritten, etc.   The increased bond amount can affect the premium that you pay yearly, and may require additional underwriting by the surety that wrote the bond.  Leave ample time for the underwriting review, and have business financial statements available in the event copies are requested.

Industry professionals who may be required to obtain a surety bond for licensing include:

  • Mortgage Bankers
  • Mortgage Brokers
  • Mortgage Correspondent Lenders
  • Mortgage Dual Authority
  • Mortgage Lenders
  • Mortgage Loan Originators
  • Mortgage Loan Servicers
  • Mortgage Processors
  • Mortgage Servicers
  • Seller of Checks

Surety bond requirements vary by state, and the premium amount you pay is based on business or personal credit and the bond amount required. SuretyGroup.com is licensed to write all surety bonds for the mortgage industry in all 50 states.

Contact our Surety Bond Specialists at 1‑844‑432‑6637, or email info@suretygroup.com and we’ll shop your bond for a better rate, at no obligation to you.

 

Related Links:

SuretyGroup.com List of Bond Amounts for Each State

Preparing for Company Renewal

NMLS Annual Renewal Information

NMLS Electronic Surety Bond for Licensees

 

SuretyGroup.com – Your Online Bond Provider.

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