What is an Oregon Mortgage Broker Bond?
Incompetent and disorganized mortgage lending practices triggered the mortgage crises which in turn resulted in the increase in foreclosures. The inaccessibility of liquid funds led several financial institutions to constrict credit policies, which made it very difficult to acquire loans.
Based on the 2014 Accenture research findings, 20-30% of lenders will be off the market by 2020 as the banking industry will become unstable due to internal and external convergent interferences. It could lead to the biggest US banks about $104B to decide on mortgage-related legal issues from the subprime predicament. It will be imperative for firms to trim down servicing overheads by cutting redundancy and computerization.
To be successful and survive in 2020, mortgage brokers and lenders will have to be rigorously responsive to the times and has to be incredibly innovative. They also need to hold on to their Mortgage Broker Bonds as if their lives depended on them.
The Oregon Mortgage Broker Bond gives overwhelming assurance that whenever borrowers and consumers are abused in the process of obtaining loans, they can be compensated for the damage done to them. An Oregon Mortgage Broker Bond similarly impedes the mortgage broker in making loan approvals to borrowers who do not have the capacity to pay back loans obtained.
This will stop him/her from convincing clients to join him/her in fraudulent activities during the application process. Likewise, the bond will inhibit the broker to pressure any prospective borrower into availing of high-risk loans with high-interest rates, charging added fees and excessive charges, and aiming at vulnerable customers.
The Oregon Mortgage Bond is also a manifestation of a serious undertaking on the part of the mortgage broker to operate the business according to the mandates of the Oregon Division of Financial Regulation and its joint policy statements.
Why do you need an Oregon Mortgage Broker Bond?
You need the Oregon Mortgage Broker Bond because the bond will add prestige to your name and your company will be known as a trustworthy mortgage brokering organization. It can also make your company look very attractive to customers because they will naturally want to hire the services of a mortgage broker firm they can trust.
What is the cost of an Oregon Mortgage Broker 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, and standing within the business community. Being convicted of a crime even if it happened decades ago, also matters in the determination of how much you will pay.
How do I get an Oregon Mortgage Broker Bond?
Getting an Oregon Mortgage Broker Bond is effortless. Choose a reliable surety company and call ASAP! An experienced surety professional will enthusiastically provide you with answers to whatever concerns you have in the operation of your business.