Louisiana Lender Broker | $50,000 Lender Broker Surety Bond
Also known as: lender broker bond
Type of Bond
A Louisiana lender broker bond is a type of surety bond required for individuals or businesses operating as mortgage lender brokers in the state of Louisiana. The bond is typically mandated by the Louisiana Office of Financial Institutions (OFI) as a regulatory requirement to ensure compliance with state laws and protect consumers. The purpose of the bond is to provide financial protection to borrowers who may be affected by the actions or misconduct of the lender broker. It guarantees that the bonded party will adhere to all applicable laws and regulations governing mortgage lending activities, including fair lending practices, accurate disclosure of terms and fees, and proper handling of client funds. In the event that the lender broker violates any laws or engages in fraudulent or unethical practices, a claim can be filed against the bond. The claim is typically made by an affected borrower or a regulatory agency such as the OFI. If the claim is validated, the surety company that issued the bond will provide compensation up to the bond amount to cover any financial losses incurred by the borrower. It's important to note that the bonded party is ultimately responsible for reimbursing the surety company for any claims paid out on their behalf. Failure to do so may result in legal consequences and can affect the ability to continue operating as a lender broker in the state. In summary, a Louisiana lender broker bond is a surety bond required for individuals or businesses operating as mortgage lender brokers in the state. It provides financial protection to borrowers and ensures compliance with state laws and regulations. The bond can be subject to claims in case of violations or misconduct, with the surety company providing compensation to affected parties up to the bond amount.
Program
The price you'll pay for your $50,000 Lender Broker Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!
We provide all types of $50,000 Lender Broker Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.
Application
The application process for a $50,000 Lender Broker Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Lender Broker Bond Application process.
The Louisiana Lender Broker Bond amount is currently set at $50,000.
Obligee Information
An obligee is the entity that is requiring you to have the Lender Broker bond.
Obligee: State Of Louisiana Office Of Financial Institutions
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!