For all professionals in the real estate and mortgage industry who need to keep a license with the Nationwide Mortgage Licensing System, December 31 is the usual renewal deadline. This year’s NMLS license renewal will be a bit different, so it’s worth checking up on the changes.
Owning a small to medium-sized business (SMB) in any industry presents challenges, but small mortgage brokerage owners face unique obstacles. In particular, small mortgage brokerages suffer from the lingering credit gap, which can make it hard to obtain financing. Those brokers who have bad credit are faced with even greater difficulties in running their business.
Excluding instances of deliberate fraud, all sorts of situations arise, and sometimes even reputable brokers find they are facing a claim on their bond. So, what is a mortgage broker bond claim, when can someone file such a claim and how can brokers avoid them?