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March 24, 2021

How to Become a Mortgage Broker in Oregon

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Oregon mortgage broker bond needs. Learn how to become a mortgage broker in Oregon, below. What Mortgage Broker Licenses Are Issued in Oregon? Oregon defines mortgage brokers as “those who make or negotiate mortgage loans.” Mortgage brokers are licensed by the Division of Finance & Corporate Securities of the Oregon Department of Consumer & Business Services (DCBS). Mortgage broker license applications are processed through the Nationwide Mortgage Licensing System, or NMLS. What Are the Steps in the Licensing Process? Certain financial, educational, and experiential requirements must be met before applying for licensure as a mortgage broker in Oregon. Once those are met, the licensing process for a company offering mortgage brokerage services involves: Applying for an NMLS account and ID number. Submitting a license application as a company or sole proprietor. Uploading a completed Notice of Client’s Trust account or completed Affidavit and Undertaking – No Clients’ Trust Account, depending on whether or not you will be accepting refundable funds from clients prior...

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March 24, 2021

How to Become a Mortgage Broker in Indiana

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Indiana mortgage broker bond needs. Learn how to become a mortgage broker in Indiana, below. What Mortgage Broker Licenses Are Issued in Indiana? Indiana issues several different types of mortgage broker licenses, the most common of which are: The mortgage lending license is issued by the Indiana Department of Financial Institutions (DFI), which allows licensees to originate or broker consumer mortgage loans. The loan broker license is issued by the Indiana Secretary of State (SOS), which permits the brokering of residential mortgage loans from third parties. Applications for both of these licenses are processed through the Nationwide Mortgage Licensing System, or NMLS.  However, some supporting documentation must be sent directly to DFI or SOS. What Are the Steps in the Licensing Process? Neither a mortgage lending license nor loan broker license requires applicants to meet any pre-licensing educational or examination requirements. The major steps in the licensing process are: Apply for an NMLS account and ID number. Submit the appropriate license application (as...

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March 24, 2021

How to Become a Mortgage Broker in California

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your California mortgage broker bond needs. Learn how to become a mortgage broker in California, below. What Mortgage Broker Licenses Are Issued in California? California issues three different types of mortgage broker licenses, all of which involve different licensing requirements and application processes: The California finance lender (CFL) license, issued by the California Department of Business Oversight (DBO), allows licensees to make or broker consumer and commercial real estate loans. However, loans may only be brokered with other lenders holding a CFL license. The residential mortgage lender (RML) license is also issued by DBO. Licensees can make and service mortgage loans but may only broker loans if they’re also licensed as a mortgage loan originator. The real estate broker license is issued by the Bureau of Real Estate (BRE). It allows licensees to act in a dual capacity as both real estate brokers and mortgage brokers. This article focus on the CFL license for residential mortgage brokers, which is processed through the Nationwide Mortgage...

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March 24, 2021

North Carolina Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your North Carolina title bond needs. Learn more about the North Carolina bonded title process, below. What Is a Bonded Title? A bonded title looks like a standard title except for carrying a “BONDED” brand. It will allow you to do the same things you could do with a standard title—insure, register, sell, or donate a vehicle.  A North Carolina bonded title is backed by a surety bond that guarantees payment of damages to a prior owner or lienholder. It also indemnifies the state if it turns out that DMV should not have issued you a bonded title. Who Is Eligible for a Bonded Title? To find out if you’re eligible for a North Carolina bonded title, explain your circumstances to your local DMV. For example, perhaps you bought a vehicle in a private sale but did not receive a title, received a defective title, or the title was lost or stolen before you could register the vehicle in your name. If the vehicle...

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March 24, 2021

California Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your California title bond needs. Learn more about the California bonded title process, below. What Is a California Bonded Title? A California bonded title is your best solution if you bought a vehicle in a private sale and the seller: Did not give you a title certificate Gave you a defective (altered, improperly assigned, or illegible) title Gave you a valid title, but it was lost or stolen before the vehicle was ever registered in your name A California bonded title will allow you to do the same things you could do with a standard title—insure, register, sell, or otherwise transfer ownership of the vehicle. A bonded title is backed by a three-year surety bond that provides a way to compensate any party who can prove both ownership of the vehicle or a lien against it and a financial loss resulting from you having been issued a bonded title. It also protects the state of California for having issued you the bonded title. Who...

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March 24, 2021

Iowa Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Iowa title bond needs. Learn more about the Iowa bonded title process, below. What Is a Bonded Title? An Iowa bonded title allows you to insure, register, or transfer ownership of a vehicle you own but don’t have a valid certificate of title for. You must purchase one before you will be issued a bonded title. The Iowa title bond is your guarantee that you are the vehicle’s rightful owner. It indemnifies the Iowa Department of Transportation against liability if it’s determined during the time that the bond is in force that you are not the vehicle’s rightful owner and should not have been issued a bonded title. Additionally, the bond ensures that the vehicle’s true owner or lienholder will be compensated for any financial loss resulting from you having been issued a bonded title. Who Is Eligible for a Bonded Title? Most people seek a bonded title because they were not given a valid, properly assigned certificate of title at the time...

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March 16, 2021

Illinois Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Illinois title bond needs. Learn more about the Illinois bonded title process, below. What Is a Bonded Title? A bonded title will allow you to do the same things you can do with a standard title: insure, register, or transfer ownership of a vehicle. You’ll need to obtain one if you did not receive a valid certificate of title from the party who sold you the vehicle, or if the title you received was lost or stolen before you were able to register the vehicle in your name. An Illinois bonded title is secured by a surety bond, an Illinois title bond, which is your guarantee that you are the vehicle’s rightful owner. If it turns out that you are not, the bond ensures compensation for the true owner or lienholder who files a claim during the three years that it’s in force. It also provides a way to pay damages to anyone you may have sold the vehicle to during that time....

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March 16, 2021

Colorado Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Colorado title bond needs. Learn more about the Colorado bonded title process, below. What Is a Bonded Title? A Colorado bonded title is the solution for someone who purchased a vehicle through a private sale and either did not receive a title, received one that was improperly assigned or otherwise defective, or that was lost or stolen before the vehicle could be registered in the new owner’s name. Without a valid certificate of title, there is no way to insure, register, or transfer ownership of a vehicle to someone else. All of those things can be done with a Colorado bonded title—a title that is backed by a surety bond that indemnifies the state if it later turns out that a bonded title should not have been issued. The bond also guarantees payment of damages to a lienholder or other individual who comes forward with proof of ownership while the Colorado title bond is in force or to a subsequent purchaser who incurs...

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March 16, 2021

Arizona Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Arizona title bond needs. Learn more about the Arizona bonded title process, below. What Is a Bonded Title? If you want to register a vehicle you have purchased or been given but do not have a title for it, there is a process that will enable you to obtain a bonded title. A title with a surety bond attached is required to protect the MVD and the rightful owner if it turns out that someone else has a legitimate ownership interest in the vehicle.  Follow the steps in this article to obtain a bonded title that will enable you to register your vehicle. Who Is Eligible for a Bonded Title? People generally seek a bonded title because they bought a vehicle from a private seller and did not receive a valid title or received one that was lost or stolen before they were able to register the vehicle in their own name. Your local MVD office can tell you if the vehicle in...

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March 16, 2021

Texas Bonded Title Process

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Texas title bond needs. Learn more about the Texas bonded title process, below. What Is a Texas Bonded Title? Have you recently purchased a vehicle in a private sale but are unable to insure, register, or re-sell it due to a lack of a valid certificate of title? Perhaps you never received a title from the seller, received an improperly assigned or damaged title, or the title was lost or stolen before you could register the vehicle. If you qualify, you can get a Texas bonded title that will allow you to do the same things as a standard title. The surety bond securing the bonded title relieves the Texas Department of Motor Vehicles (DMV) of any legal responsibility if it turns out, during the bond’s three-year term, that you should not have been issued a bonded title. Who is Eligible for a Texas Bonded Title? If you want to register a vehicle for which you don’t have a title or transfer ownership...

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