Mortgage Broker Surety Bonds
Mortgage Broker Bonds are required by many states. The bond requirement is usually regulated by the Department of Banking. Bond amounts vary state by state. On the smaller bonds under $25,000 most surety company will underwrite strictly on personal credit report on the owners. On the larger bond amounts, over $25,000, most surety companies will require not only personal credit reports, but also personal and business financial statements.
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