The first step in applying for a mortgage broker bond is understanding the licensing requirements of the state in which you will operate.

• Most states require yearly continuing education and charge a licensing fee.
• Some states require a mortgage broker bond to be posted in order for a broker to qualify for a license.
• The surety posting the bond must be licensed in that specific state.

You may get a better rate working with a surety agent versus an insurance agent because they specialize in underwriting surety bonds. If you have bad credit, finding a surety agency that works with a large group of sureties may help you get approved. If you need a bond quickly, find a surety agency that has in-house authority. This means that they can approve your bond without sending it to a surety to review and approve. The Surety Group has in-house underwriting authority and works with dozens of sureties.