Mortgage Broker Bond
What is a Mortgage Broker Bond?
A Mortgage Broker Bond is a type of License & Permit bond that ensures that mortgage brokers comply with state and federal regulations, protecting consumers from fraud, misrepresentation, or unethical practices.
Protects consumers from financial loss due to the misconduct or negligence of mortgage brokers.
Required by state and federal governments to ensure responsible management and ethical conduct by mortgage brokers.
Applicant’s personal or business information, credit history, bond amount (determined by state requirements), and mortgage broker license details.
Based on credit history and bond amount, usually 1-5% of the bond amount.
