Why are  bonds being required?
A bond is usually signed into law to regulate business and safeguard the public against fraud.  A surety bond helps the client seek financial compensation from breach of contract or if they have been defrauded of money.

Underwriting for these bonds
Loan modification bonds are underwritten similar to a loan. The surety agent will review the principal’s credit, personal financials as well as work experience.  The surety will not only evaluate the clients personal financial condition they will review the business’s financial stability too.  The underwriter will request a business financial statement usually a year end statement and the company’s most current quarterly statement. We understand will most of these bonds that a yearend financial statement may not be applicable since you may be a new business. If this is the case other underwriting may be required to obtain surety credit. Keep in mind that every scenario is different since everyone’s financial situation is not the same.