Residential Mortgage Loan Servicer Bond
Any person/entity who receives payments from the homeowner under the terms of a residential mortgage loan, makes the payments of principal and interest to the lien holder or other third party and makes any other payments with respect to the amounts received from the borrower as may be required under the terms of the servicing contract is required to hold a Residential Mortgage Loan Servicer bond. Bond amounts are calculated by service volume. An annual servicing volume less than $25,000,000 requires a $25,000 surety bond, while an annual servicing volume greater than $25,000,000 requires a $50,000 surety bond.
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