Surety bond real estate restrictions are in place to safeguard against wrong actions on the part of a mortgage broker. All 50 states require a real estate broker bond before any individual or firm works in the mortgage industry.
Mortgaging A Dream
Buying a home and owning property is part of the American Dream which is why states want to make sure that process is as smooth, and fair, as possible.
Realtors and mortgage brokers are still working on repairing damage from the last housing recession that was caused in large part to firms approving mortgages that people could not afford.
When people cannot trust a mortgage firm that leads more people to rent instead of buy that has a big impact on the economy. Knowing a real estate broker is bonded provides much-needed reassurance in these turbulent times making it more imperative to double check all bond real estate requirements.
Mortgage Broker Surety Bond
Each state uses the mortgage broker bond as a binding contract that the broker will follow all Federal, State, and Local restrictions. In cases where the state has to prove wrongdoing by a firm, such as in the event of padded mortgages, the surety bond covers financial penalties up to the amount of the bond.
Even Google, the search engine behemoth, had to go the route of securing a surety bond when they opened up their Google mortgage broker service in California.
No matter what size of the firm there is no way to skirt around the issue of becoming a licensed brokerage firm with the solid backing of a surety bond real estate.
Become licensed and protected with the help of Jurisco.
Jurisco will make sure that your bond real estate needs are met the first time so there are no surprises waiting around the corner.