With the Alabama Mortgage Broker Surety Bond, clients are protected against the broker for:
Failing to make disclosures
Collecting or charging any prohibited fee
Intentionally obtaining property fraudulently
Failing to comply with state laws
Not accounting for mortgage loan transaction monies
Alabama Mortgage Broker Surety Bond amounts are determined by loan volume in the previous year through the State of Alabama Banking Department.
Loan volumes between $0– $25,000,000 require a minimum $25,000 surety bond
Loan volumes between $25,000,001 – $100,000,000 require a minimum $50,000 surety bond
Any loan volume over $100,000,000 requires a minimum $75,000 surety bond
Valid: 1 year – expires December 31st – Renewable
The price for the Alabama Mortgage Broker Surety Bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for an Alabama Mortgage Broker Surety Bond to ensure the bond amount is correct. If the bond is to be cancelled, the obligee must be given a notice of at least 60 days before the bond cancellation date.
How to Get Your Alabama Mortgage Broker Surety Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Alabama Mortgage Broker Surety Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days