SURETY BOND UPDATE: Surety Bond Requirement for Mortgage Loan Servicers is Reinstated in New York
As of July 23, 2017, the Superintendent of Financial Services of the State of New York has reinstated Part 418 of the Superintendent’s Regulations and Supervisory Procedures. This section will obligate non-exempt mortgage loan servicers (MLS) to register with the Superintendent and submit a sufficient surety bond. The regulation aims to strengthen the mortgage loan …