In certain states, mortgage loan companies who wish to do business must first obtain a license and corresponding surety bond. These surety bonds guarantee that the principal (mortgage loan company) complies with all legal provisions and applicable requirements of their state. If any borrower or consumer incurs any losses or damages due to the principals failure to comply with the law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.