What is an Arizona Mortgage Bond?
Also known as a finance lender surety bond, the Arizona Mortgage Bond provides security that the mortgage broker will conduct business operations according to the directives mandated by the Arizona Department of Financial Institutions’ laws, rules, and substantive policy statements.
It is also a license and permit type of surety bond demanded by government bodies for lending money principally for mortgages.
The bond indicates that a mortgage company has appropriate government permissions to provide mortgage financing services to anyone within the territorial jurisdiction of Arizona.
It is also a bond that guarantees a cautious approach in conducting business and that the mortgage business owner will correctly recompense personnel for services rendered.
Why do you need the Mortgage Bond?
You need a mortgage bond because you care for your business and you want to protect it. As the bond will add status to your name, your company will be known as a trustworthy organization.
The bond can also make your company look very attractive to customers because they will naturally want to hire the services of a freight broker/forwarder that they can trust. Most importantly, a mortgage bond will assure you of the peace of mind you need knowing fully well that when an untoward event happens, the bond will protect the aggrieved client.
More details about the Mortgage Bond
The category of investors that an applicant uses determines the amount of the bond. When a broker makes sole use of institutional venture capitalists, a $10,000 bond is obligatory. On the other hand, if a broker utilizes non-institutional financiers, the company will be called to get hold of a $15,000 bond.
Once the bond document has been signed, brokers will submit the original form to the Arizona Department of Financial Institutions at this address -- Arizona Department of Financial Institutions, Licensing Division, 2910 N. 44th Street, Suite 310, Phoenix, AZ 85018
What is the cost of a Mortgage Bond?
The amount of your bond premium will depend greatly on your credit score and financial history. If you have problematic transactions in the past, you may be required to pay a higher premium.
The bond premium can also be influenced by your past business performance, personal profile, standing within the business community most especially in the surety bond industry. Being convicted of a crime even if it happened decades ago, also matters in the determination of how much you should pay.
How do I get an Arizona Mortgage Bond?
Getting a bond is simple. However, be sure to contact only genuine professionals in the field of surety. Give Surety Bond Authority specialists a call now! With Surety Bond Authority taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.