Electronic Surety Bonds in General
An electronic surety bond replaces traditional bonds that are printed, signed and usually sealed by the issuing surety. The transition to various surety bond formats has occurred rather slowly and intermittently across different areas. Eventually most if not all surety bonds will be issued electronically.
What is an NMLS Electronic Surety Bond?
Initially, NMLS Electronic Surety Bonds, were associated with only Mortgage Broker Bonds and other mortgage related bonds. Many different entities require bonds including state and local governments and many other various regulatory entities. As more obligees that require bonds began to use the existing NMLS platform to facilitate electronic surety bonds, NMLS started to expand services. In the future more obligees will utilize NMLS Electronic Surety Bonds as their primary bond management tool.
How to access an NMLS Electronic Surety Bond
CCI Surety is already set up to utilize NMLS Electronic Surety Bonds. This means that our agents can provide their clients with bonds when the obligee requires NMLS Electronic Surety Bonds. Each surety and bond market is handling this differently. Some sureties require agents to register for NMLS Electronic Surety bonds while others may handle issuing bonds through the NMLS Electronic Surety Bond system. Working with CCI Surety means you have access through CCI Surety to NMLS Electronic Surety Bonds in all situations.
Clients Declined for NMLS Electronic Surety Bond
NMLS Electronic Surety Bonds come in many forms. Not only does CCI Surety have access to NMLS Electronic Surety Bonds, we handle accounts that have low credit score or other challenges. Obtaining a NMLS Electronic Surety Bond when your client has low credit score can be challenging for contractors and insurance agents that do not have a relationship with a surety that handles low credit score bond situations. CCI Surety handles low credit score bond accounts on a daily basis and our underwriters are trained to look beyond the low credit score to look for opportunities to underwrite the bond. It may take more work but if your client has other strong attributes or experience, then our underwriters will do their best to turn the low credit score bond situation into an opportunity. There are many ways to get started if you are facing a NMLS Electronic Surety Bond need. You can call CCI Surety directly, use the ‘connect with an underwriter’ area on this page or “Chat Now” below during business hours. It is also possible to get started with the applications below:
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