New legislation was enacted in the State of Washington relating to mortgage loan servicers. The new law, which is labeled HB 2608, subjects mortgage loan servicers to the present licensing and bonding requirements for other mortgage loan professionals. For servicers, the surety bond must be in a minimum quantity of $30,000; which is calculated by the yearly dollar amount of loans serviced.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.