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 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.