The state of New Hampshire enacted new legislation concerning mortgage originators. The new law is labeled HB 610 and requires all mortgage originators to be licensed and to be covered under the license bond of the mortgage broker/banker of which the originator is a member of staff or an independent agent. The previous law required mortgage bankers to sustain a net worth and a $100,000 surety bond and asked mortgage brokers to acquire a $20,000 surety bond. HB 610 amplifies these quantities so that mortgage bankers must attain a surety bond no less than $100,000 and brokers must attain a surety bond of no less than $50,000. The amount of the surety bond has to be in a quantity that mirrors the dollar amount of the loans originated by the individual mortgage loan originators the mortgage banker/broker employs. The surety bond must also cover all the said originators.
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.