The New York Mortgage Bankers Bond is required by the New York State Department of Financial Services. Companies that engage in the business of making three or more mortgage loans in aNew York Mortgage Bankers Bond calendar year or more than five loans in a two year period on 1-4 family owner- occupied residential property located in the State of New York. Making a mortgage loans means for compensation or gain either directly or indirectly, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a mortgage loan or a mortgagor as a mortgage loan. Entities that only broker loans and do not advance funds to an applicant for a mortgage loan cannot
apply for this license. The application must be submitted through the Nationwide Multistate Licensing System (NMLS)

Employees of mortgage bankers licensed or registered in New York State do not need to obtain a mortgage broker registration or mortgage banker license as long as they engage in mortgage loan origination on behalf of their employer. However, these individuals are required to file an MU4 application for licensing as a Mortgage Loan Originator pursuant to Article 12-E of the New York Banking Law and may need to provide a mortgage loan originator bond. 

What Bond Amount do I Need?

New York Mortgage Bankers Bond amount is determined by the aggregate amount loans closed in the state. The required surety bond amount is as follows:

Aggregate $ Amount of NY Loans Closed Required Amount of Surety Bond
$300,000,000+ $500,000
$200,000,000 – $299,999,999 $350,000
$100,000,000 – $199,999,999 $250,000
$30,000,000 –   $99,999,999 $150,000
$10,000,000 –   $29,999,999 $100,000
$0 –     $9,999,999 $50,000

In addition to the surety bond requirement, applicants must demonstrate and maintain a minimum net worth of $250,000, and an existing line of credit in the amount of not less than $1,000,000.00. This line of credit must be provided by an unaffiliated banking institution, insurance company or similar credit facility.

How do I get a New York Mortgage Bankers Bond?

In most cases, for bond amounts up to $250,000, a completed application is all we will need to provide a quote. For bond amounts over $250,000, financial disclosure will be required by the surety. In most cases, obtaining the bond is a simple 3 step process:

  1. Complete our easy to navigate and secure online application1
  2. Receive your free, no obligation quote from one of our surety bond professional agents.2
  3. Sign some paperwork and make payment (all major credit cards accepted).

Once these steps have been completed, your bond will be shipped to you for original signatures prior to submission to the department.
1. The name on the surety bond application must match exactly the full legal name of applicant, as authorized by the Secretary of State of New York. If the applicant utilizes any Other Trade Names, these names must also be included on the bond application.
2. Depending on the bond amount, additional underwriting information may be required by the surety company to gain approval for the bond. Surety1 represents over a dozen surety companies to assure you receive favorable terms and pricing. is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. is the premier online provider of surety bonds nationwide since 2003. Representing over a dozen surety companies, Surety1 can obtain the bonds you need at the best possible price and terms.  We offer and easy to navigate, secure, online application and are rated A+ by the Better Business Bureau. 

Note: the New York Mortgage Bankers Bond is not required to be submitted until the application to become a mortgage banker has been approved by the New York State Department of Financial Services. The Department will not issue a license until the Original, Signed Surety Bond has been received and accepted.

Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds  

New York Mortgage Bankers Bond




How to Get Your Mortgage Bankers Bond

  1. Complete an online application. It’s free and no-obligation.
  2. One of our surety experts will contact you with a firm quote and an agreement to sign.
  3. Provide payment and your signed agreement, and then you will receive your Surety Bond!

If you have any questions, please call us at 877-654-2327.

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

Surety Bond Experts

Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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