Florida Mortgage Broker Bond
Use the information below to answer all your questions about the type of surety bond known as a Florida mortgage broker bond.
What is 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.
How does a Florida Mortgage Broker Surety Bond Work?
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.
Who needs a Florida Mortgage Broker Bond?
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.
Why is it necessary to have a Mortgage Broker Surety Bond
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.
Who are the parties involved?
- The principal is the mortgage broker who obtains the bond and agrees to pay for claims
- The obligee is the person who files a claim against the surety bond seeking damages
- The surety is the agency that issues the bond to the principal and guarantees payments to the obligee.
How much does a Florida Mortgage Broker Bond Cost?
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.
How to apply for a Florida Mortgage Broker Surety Bond
You will need to supply the surety agency with these documents to obtain a surety bond:
- A completed bond application
- A copy of the Florida mortgage broker bond requirements
- A financial statement.
- Any additional documents that may be requested
Based on your application, the surety will quote the bond cost. Pay that cost to activate the bond for 12 months, typically.
Viking Bond Service for Florida Mortgage Broker Bonds
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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