LB 328 is a new law that was introduced in the state of Nebraska relating to mortgage loan originators. The new law asks mortgage loan originators to register and be covered under a surety bond. LB 328 requires the surety bond that is required under present legislation for mortgage bankers to supply this coverage for all originators that the banker hires or who are agents associated with the banker. The previous law required a surety bond in a quantity of $100,000. LB 328 modifies this so that the surety bond is calculated by the sum dollar amount of the closed residential mortgage loans originated in the State, with a minimum of $100,000 and a maximum of $200,000.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.