Use the information below to answer all your questions about the type of surety bond known as a Florida mortgage broker bond.
Mortgage broker bonds hold the bonded broker financially accountable for unlawful behavior that has negative financial consequences for another party, typically a mortgage seeker. When that happens, someone may file a claim for damages against the bond, which the mortgage broker must pay as long as the claim proves true.
When someone files a claim against the surety bond, the agency that issues the surety bond investigates whether a mortgage broker is in fact responsible. As long as the claim is valid, the surety agency settles it immediately. Then, the surety agency collects the amount of the claim, plus interest and fees, from the bonded party who accepted the liability under the surety bond agreement.
All Florida mortgage brokers need a professional license. Having a surety bond is a condition for getting a license, meaning every mortgage broker in the Sunshine State needs one of these surety bonds.
By holding the bonded party financially responsible, surety bonds like this one discourage negative behaviors and work to regulate the Florida mortgage industry as a whole.
The bond costs a small percentage of the total. How much someone pays for a surety bond depends on their credit score and financial history. Rely on Viking Bond Service to help more people get a surety bond regardless of bad credit.
You will need to supply the surety agency with these documents to obtain a surety bond:
Based on your application, the surety will quote the bond cost. Pay that cost to activate the bond for 12 months, typically.
Ready to get a bond quote in as little as 24 hours? Complete an online bond application. Want more information first? Call us at 1-888-278-7389 or send your questions through the contact from on this page.
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