Oregon Mortgage Broker Bond
Read on to learn the ins and outs of a particular type of surety bond that every Oregon mortgage broker needs.
What is an Oregon Mortgage Broker Bond?
Surety bonds like this one hold the bonded party (the mortgage broker) responsible for unlawful and unethical behavior. Anyone who feels wronged by a mortgage broker can file a claim for damages against the surety bond. As long as the claim is true, the mortgage broker must take financial responsibility.
How does an Oregon Mortgage Broker Bond Work?
After receiving a claim, the surety agency that issues the mortgage broker bond investigates thoroughly. As long as the claim proves valid, the agency immediately pays it in full. Afterwards, the bonded party must pay the surety agency back the amount of the claim plus interest and fees.
Who needs an Oregon Mortgage Broker Surety Bond?
Anyone pursuing a mortgage broker license in Oregon will need one of these surety bonds before the state will grant them a license. Likewise, a mortgage broker must keep that bond active and in good standing for the license to remain valid.
Why is it necessary to have an Oregon Mortgage Broker Bond?
Oregon requires these surety bonds as a way to discourage illegal behaviors among mortgage brokers. By holding someone financially responsible for misconduct, surety bonds create a powerful incentive to conduct business in a lawfully and ethically acceptable manner.
Who are the parties involved in an Oregon Mortgage Broker Bond?
- Principal - The mortgage broker
- Obligee - The mortgage seeker
- Surety - The agency that issues surety bonds to the principal and issues payment for claims to the obligee. The principal must compensate the surety for any claims it settles.
How much does an Oregon Mortgage Broker Bond cost?
Surety bonds cost a small percentage of the surety bond's value. A person's credit score and financial history determine exactly how much they pay. Expect to pay slightly more if you have bad credit. However, don't expect to be denied a bond because you have bad credit when you work with Viking Bond Service.
How to apply for an Oregon Mortgage Broker Bond
It's a simple process. You will need to complete a standard bond application, provide a copy of the Oregon mortgage broker bond requirements, submit a financial statement, and agree to a credit check.
Viking Bond Service for Oregon Mortgage Broker Bonds
Get a quote for a surety bond in as little as 24 hours by completing an online bond application at your convenience. Or get more information before you apply: reach our bond experts at 1-888-278-7389 for free advice, or send your questions through the contact from on this page.
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