The Massachusetts Student Loan Servicer Bond is a type of surety bond required to obtain a Student Loan Servicer License in the state. While the license is a requirement of the Massachusetts Division of Banks, it is managed via the Nationwide Mortgage Licensing System (NMLS) and the required surety bond is filed electronically by Surety1.com to the NMLS. A student loan servicer is any person responsible for servicing a student loan to a student loan borrower. This includes:
- Receiving or soliciting a scheduled periodic payment from a borrower pursuant to the terms of a student loan and making the principal, interest and other payments to the owner of the loan or other third party with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract;
- Maintaining account records for a loan and communicating with the borrower regarding the loan on behalf of the owner of the loan during a period in which no payment is required on the loan; or
- Interacting with a borrower, including activities to help prevent default on obligations arising from a loan, to facilitate the activities described in clause the previous clauses.
A check list for the required information to obtain the license can be found here. The required Massachusetts Student Loan Servicer Bond amount is $25,000.
How to get a Massachusetts Student Loan Servicer Bond
At Surety1.com we make it simple to obtain this surety bond. Our 3 step process is:
- Apply for the bond using our secure and easy to navigate online application.1
- Review your free, no obligation quote from one of Surety1’s professional surety bond agents, usually within 1 business day.
- Sign some paperwork and pay the bond premium.
Once these steps have been completed, the Massachusetts Student Loan Servicer Bond will be filed electronically by Surety1.com with the NMLS.
1- The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.