A mortgage broker is an intermediary who finds mortgage loans at the best rates on behalf of a customer. In most states, a mortgage broker must be licensed by the state and carry insurance, in other words become bonded. Licensing requirements can vary from state to state, and in most states a mortgage broker must be licensed to become bonded.
Instructions
1
Check out surety bond companies. As with all insurance companies, rates can vary. Go with a reputable company and find the deal that’s best for you.
2
Apply for the bond. This can even be done online, in some cases. Before receiving the bond you will provide information to the surety company regarding your personal and/or business financial history.
3
Get bonded. A good credit history and the ability to pass a background check will make it likely that you will receive a bond without a problem.
4
Get a broker’s license. Many states require you to get a bond before they will issue you a brokers license. Check your state’s Department of Banking for details concerning requirements to become a licensed broker
