Foreclosure Consultant Bond

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Bond Amount

$100,000

Requiring Entity

State of California, Secretary of State

Underwriting Criteria

• Completed Application
• Business Financial Statement
• Personal Financial Statement

Who is Required to Secure this Bond

The bond is required of anyone who applies wishes to obtain a Certificate of Registration as a Mortgage Foreclosure Consultant from Department of Justice. As of July 1, 2009, it will be illegal to operate as a Mortgage Foreclosure Consultant without this certificate. In order to obtain the Certificate of Registration, each Mortgage Foreclosure Consultant must obtain a bond in the amount of $100,000 (California Civil Code Section 2945.45).

Why is the Bond Required

The bond is required to ensure that all Mortgage Foreclosure Consultants act in accordance with California Civil Code Sections 2945-2945.11 pertaining to the conduct of Mortgage Foreclosure Consultants.

Who is Protected Under this Bond

The bond is made in favor of the State of California for the benefit of homeowners who suffer damages caused by the Foreclosure Consultant’s violation of the California Civil Code Sections 2945-2945.11 or any other provision of law.

Underwriting Process
 

Each applicant must first complete and submit the application for a Mortgage Foreclosure Consultant Bond, which contains all of the pertinent information regarding the business and business owners.

In addition to the application the applicant must also provide the following information:

• Current Business Financial Statement (Balance Sheet and Profit and Loss Statement
• Current Personal Financial Statement for all Business Owners

Once the application and all supporting documents have been received, a routine examination of the business owner’s/applicant’s personal credit history will be performed in addition to a review of the applicant’s financial strength and experience to determine approval for the bond.
Upon receipt of the application and all supporting documents, our agency will be able to provide a response as to approval for the Mortgage Foreclosure Consultant Bond within one to two business days.

Once the application is approved, the bond will be executed and released to the applicant upon receipt of payment and original signed application.

What you Need to do Once you Have your Bond 

Once the Mortgage Foreclosure Consultant Bond has been approved and released to the applicant’s care, it must be filed with the Secretary of State. The Secretary of State will maintain the bond, which must remain effective at all times to prevent the revocation of the Certificate of Registration.