Colonial Surety is authorized by the Nationwide Multistate Licensing System & Registry (NMLS) to write electronic mortgage broker bonds. If you are not registered with the NMLS, please visit the NMLS website
What is a Wisconsin Mortgage Broker Bond?
A mortgage broker bond is a surety bond which ensures brokers’ compliance with all rules, restrictions, and regulations made by the State of Wisconsin in regards to this line of business. All mortgage brokers are in fact required to obtain a surety bond to be licensed in the State of Wisconsin. Other types of mortgage related broker bonds are loan broker bonds, mortgage loan originator bonds, and residential mortgage originator bonds.
Obtaining Mortgage Broker Bonds For My Profession
The State of Wisconsin is the party that requires the bond. Since Colonial is a direct and digital insurance company, you can easily obtain a bond customized to your location’s requirements. Below are the requirements for a mortgage broker bond in your state.
- A $120,000 surety bond is required to become licensed
- Applicants with five branch locations or more will require a $10,000 surety bond for each additional branch location
- For additional information see here
What is The Process to Obtain The Bond?
Colonial offers one of the fastest ways to obtain a mortgage broker bond. We are the insurance company – which means no agent, no broker, and no middleman. There is no turnaround time to obtain your bond. The steps are simple- get a free quote online, fill out your information, answer our underwriting questions, and enter your payment method. Your bond will be available instantly. It’s that simple!
What Do Mortgage Broker Bonds Cost?
With all surety bonds, the bonded party needs to pay a percentage of the bond amount determined by the broker’s operating state. You may notice that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Not at Colonial, we offer a flat rate for each mortgage broker bond.
Does it Matter Where I Get My Bond?
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to your business when you deal directly with a quality insurance company licensed in Wisconsin to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are authorized by NMLS, Treasury listed, and licensed and admitted in all U.S. states and territories.