The state of Pennsylvania activated a new law regarding correspondent lenders. HB 2179, activated 07/08/2008, now requires correspondent lenders to follow the same up to date license bond requirements mortgage brokers abide by; the mortgage broker requirement is still a $100,000 license bond. HB 2179 improves the regulatory requirements for mortgage lenders, correspondents and brokers while it also generates a class of loan originators.
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.