Mortgage loan originators are affected by a new bill that was presented in the state of Mississippi. The new law, which is labeled SB 2983, requires mortgage loan originators to be covered by a surety bond in a quantity that is calculated by the dollar amount of the loans originated. Should the loan originator be a member of staff or an agent of a licensee subject to this bonding requirement, coverage under the employer’s surety bond will satisfy the new bill’s stipulations. SB 2983 requires the surety bond to supply coverage for all originators. The new bill became active on July 31st, 2009.
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.