What is a Mortgage Broker Bond?
A mortgage broker bond is a form of insurance that protects a customer from illegal or unethical activities on the part of the mortgage broker. Before obtaining a license, a mortgage broker must apply for and receive a surety bond. Some actions that are protected by surety bonds are lending to risky customers, money fraud, or lending more money that the customer can pay back.
Before mortgage brokers purchase a bond from an agency, they must submit themselves to a credit check, have their application approved, and go through other screening processes.
Ox Bonding is prepared to help mortgage brokers purchase mortgage broker surety bonds with a free quote, knowledgeable staff, and friendly customer service. Get started now!