Mortgage brokers are back! Mortgage brokers originated 56% of home loans prior to the Great Recession, according to the Association of Independent Mortgage Experts (AIME), but that number dove once the housing market fell. But in 2019, the housing market is back and so is the mortgage broker profession!
Employment in the mortgage broker industry has nearly doubled since a low point in 2011, and continues to be on the rise. AIME has set a goal of 25% of home loan market share to mortgage brokers, up from the current 16%, to be achieved through technology enabling faster underwriting speeds and more underwriters being hired overall.
More mortgage brokers re-entering the market creates more competition and should therefore keep home lending costs down for consumers. Banks and other lenders will also have to compete on increased underwriting speed as well. Click here to learn more about the mortgage broker profession.
In addition to paying licensing fees and completing mandatory education, mortgage brokers must purchase mortgage broker surety bonds in order to become licensed. The bond guarantees that the mortgage broker will operate in accordance with the applicable government rules and regulations.
Where can you instantly purchase mortgage broker bonds?
Colonial Surety offers the direct and digital way to obtain a mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple!