What Changed for New York Mortgage Loan Servicers?
As of July 23, 2017, the New York State Department of Financial Services now requires mortgage loan servicers to obtain surety bonds and fidelity bonds.
New York mortgage loan servicers now must obtain a minimum $250,000 surety bond. Fidelity bonds are also now required, and the required amount is based on the aggregate dollar volume of business conducted in New York two years before the current year (see below):
- Up to $100,000,000 aggregate dollar amount: $300,000
- Of the next $500,000,000: $300,000 plus 0.15%
- Of the next $400,000,000: $300,000 plus 0.125%
- Of the amount over $1 billion: $300,000 plus 0.1%
Why Choose JW Surety Bonds?
We are the nation’s largest volume bond producer, and provide the lowest rates in the industry. It’s also crucial that you understand that you’re responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.
Get a Free Quote Instantly Online
If you’re ready to get a surety bond for this newly increased bond requirement, you can simply apply online.