A commercial mortgage broker bond is required by the State of Arizona as a prerequisite for a licensed commercial mortgage broker to legally conduct business.
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.
A commercial mortgage broker bond is required by the State of Arizona as a prerequisite for a licensed commercial mortgage broker to legally conduct business. The bond guarantees that the commercial mortgage broker will operate in accordance with the applicable government rules and regulations and cause no injury due to a wrongful act, default, fraud, or misrepresentation of the licensee or his employees.
Commercial mortgage brokers seeking to become licensed are required by State of Arizona statutes to obtain a bond.
A $10,000 surety bond is required by the State of Arizona from a surety company authorized to conduct business in Arizona if your investors are limited solely to Institutional Investors. If not, your surety bond amount required is $15,000.
Institutional investors are a state or national bank, a state or federal savings and loan association, a state or federal savings bank, a state or federal credit union, a federal government agency or instrumentality, a quasi-federal government agency, a financial enterprise, a licensed real estate salesman or broker, a profit sharing or pension trust, or an insurance company. For more information, visit the NMLS website.
Colonial offers the direct and digital way to obtain an Arizona commercial mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are simple — get a quote online, fill out your information, and enter your payment method. Print your bond from your home or office. It’s that simple!
An Arizona commercial mortgage broker bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the applicable government agency.
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to obtain an Arizona commercial mortgage broker bond when you deal direct with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are Treasury listed, and licensed and admitted in all U.S. states and territories.