Access to a Wider Array of Surety Bonds for Mortgage Brokers and Escrow Licensees

For most mortgage brokers, your state likely requires you to have a license. Your state may also require each mortgage broker to purchase your own surety bond as a condition of the license, or your mortgage brokerage may purchase a surety bond to cover its mortgage brokers.

If your state uses escrow, each escrow licensee likely needs a surety or fidelity bond.

When you purchase your surety bond, you’ll agree to adhere to the rules and regulations of your state.

The bond provides compensation for clients that may be harmed financially due to misleading or fraudulent lending or escrow  practices. A consumer may make a claim against the bond, and if successful, the bond company will compensate the consumer for their losses. The mortgage broker or escrow licensee will then repay the amount of the consumer’s losses to the bond company.

Surety Bond Overview

Your Surety Bond premium will usually be paid annually. The premium can range from 1% to 7% of the bond amount, depending on the strength of your credit.

The amount of the bond required by your state may depend on the number of mortgage brokers covered, and the amount of mortgage loans originated in the previous year.

For escrow licensees, the amount of the bond may depend on  the size of the escrow company and your escrow liability.

Buy Your Bond Online

Buying a Surety Bond is easier than ever thanks to our partnership with Surety Solutions, the bond experts (who are a part of Arthur J. Gallagher, like CRES). You can now get a quote and bind your bond, all online.

Just click the link below, enter your information, and follow the screens.

Not sure what type of bond you need? Have questions or issues with the application? Contact Alli Davis at Surety Solutions. She also handles Surety Bonds previously issued through CRES:

Email Alli or call 503-967-1675