What is a Georgia Mortgage Broker or Mortgage Lender Bond?
Get the information you need about this surety bond right here!
Mortgage lenders can make someone’s dream of buying a great home come true. A mortgage broker, on the other, seeks out the best deals from a lender to fulfill the dream of the borrower.
The Georgia Department of Banking and Finance requires all mortgage broker and mortgage lender license applicants, as well as those who are renewing their licenses, to procure a surety bond.
The surety bond’s purpose is to secure payment for any person who has been harmed by the licensed mortgage broker or mortgage lender’s nonfeasance or misconduct.
The coverage will be extended to the liabilities owed to the Georgia Department of Banking and Finance including penalties and fees.
The surety bond, a requirement in pursuance of Section 7-1-1003.2 of the Georgia Code, will include loan originators that are employed by a licensed mortgage broker or mortgage lender.
What is a Mortgage Broker or Mortgage Lender Bond amount?
- Mortgage Broker – the minimum bond amount is $150,000
- Mortgage Lender – the minimum bond amount is $250,000
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Mortgage Broker or Mortgage Lender Bond?
You can easily get one by simply applying for this surety bond! Here’s a step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we have received your application, we will inform you about the important information or documents that you must submit to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It is important to provide us with clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that is finished, we will immediately send the bond to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Georgia
- The licensed mortgage lender or mortgage broker is required to comply with the provisions of the Georgia Residential Mortgage Act, as well as the rules and regulations of the Georgia Department of Banking and Finance
- In case of violation, the aggrieved party will be eligible to file for compensation through the surety bond
- The surety bond should be continuous
Ready to get bonded? APPLY NOW!