Product and Service Review

I would like to tell you about an experience that I recently had with a company known as American Contractors Indemnity Company. This is a company that issues bonds for a verity of things. I have been a customer of theirs for several years. I used their services for a mortgage surety bond that the state of Ohio requires you to have if you want to hold a mortgage broker license. The state requires you to have a $50,000.00 mortgage surety bond. I have owned a mortgage company for over 10 years. I have never even come close to having a claim on my mortgage surety bond and I have been paying a premium of $750.00 per year to have this mortgage surety bond. Now, unless you have been living on the moon I am sure you know about the financial crisis that we are experiencing right now. You also probably know that the real-estate and mortgage industries are the two industries that have been affected the most. Due to the fact that we are experiencing these hardships my personal credit has been affected some and I am struggling financially right now, but that does not affect my mortgage business or my customers at all because I am a mortgage broker so I don’t fund or service any of the loans that I do. We just find the best lender and programs for our customers. April is the time of year that the mortgage broker license and the mortgage surety bond have to be renewed. American Contractors Indemnity Company has decided that because of some slow pays on my credit that they are not going to renew my mortgage surety bond. Now this is a company that I have been with for several years and they have never even come close to having any claims or losses with my mortgage company. American Contractors Indemnity Company is the type of company that is there to take your money when times are good, but if you are having any kinds of problems or just a rough time they will drop you like a hot potato. I now have to close the doors to the mortgage company that I have spent over 10 years building and running because I can’t get my mortgage surety bond renewed. I could understand it and accept it if I had ran my company in the ground because of bad decisions or bad management, but anybody with half a brain can see that it is the economy that is bad and it has caused some of the biggest companies out there to have problems and even go under. It should say something good that I have been able to keep my mortgage company open through the toughest times ever for the mortgage and real-estate industry. The bottom line is American Contractors Indemnity Company does not care about their customers. They are not the company that you want do business with. You should try to find a company that will be there to help you and stand by you when times are rough especially when you have been a customer of theirs for years and they have done nothing but make money from you. I defiantly do not recommend American Contractors Indemnity Company for anyone.