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Mortgage broker bonds are imposed by the
state government. This bond is issued where the lenders
or brokers are operating. This bond guarantees the brokers
performance with respect to the laws, rules and regulation
under the mortgage broker license code. The mortgage broker
before engaging in the business of mortgaging, he/she
has to procure a mortgage broker license. Before procuring
this license the mortgage broker has to obtain a mortgage
broker surety bond. Without this license the broker cannot
enable in the business. Each state has their own surety
bond and they have to comply with the required surety
amount in the application. This bond ensures the guaranteed
performance of the obligator. |
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