What’s the New Surety Bond Requirement?
In New Jersey, a new bill titled A-4997 updates the regulations that mortgage servicers must abide by in order to obtain a license. Specifically, mortgage servicers now must obtain a surety bond covering its main and branch offices in the amount of $100,000 per office.
Fidelity bond coverage is also required, and the new bill was signed into law on April 29th, 2019.
“A home is one of the most expensive purchases that a consumer makes in a lifetime,” said state Assemblywoman Yvonne Lopez, and sponsor of the law. “So, it only makes sense that the person securing the purchaser’s mortgage be licensed and properly credentialed. This serves as a safeguard against fraud on many levels for consumers.”
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If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.