Legislators in New York have implemented requirements concerning mortgage loan servicers working within the state. The New York Banking Department has re-adopted rules for mortgage loan servicers to apply a new law enacted under the bill SB 8143 (2008). The bill requires mortgage loan services to obtain a $250,000 surety bond from a surety company licensed in the state in order to operate legally.
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.