The New York Mortgage Brokers Bond is a type of surety bond required by the Superintendent of Financial Services of the State of New York. According to the National Mortgage Licensing System (NMLS), individuals and companies that “engage in the business of soliciting, processing, placing, or negotiating mortgage loans for others on 1-4 family occupied residential property located in the State of New York” are required to register with the Superintendent as a licensed mortgage broker. The New York Mortgage Brokers Bond is in compliance with Article 12-D of the Banking Law of the State of New York and is for the exclusive use of the Superintendent for the reimbursement of consumer fees or other improperly charged fees and to pay past due Department of Financial Services examination costs and assessments charged to the Principal.
The required amount of the New York Mortgage Brokers Bond depends on the broker’s volume of business and is a minimum bond amount of $10,000 to a maximum bond amount of $100,000. The New York Mortgage Brokers Bond is continuous in nature; therefore, it remains in full force and effect until cancellation. The bond may be cancelled at any time by the Surety by filing a written notice with the Superintendent of Financial Services of the State of New York of such cancellation at least 30 days before the effective cancellation date.
License Fees and Requirements:
- New York Mortgage Brokers Bond**
- NMLS Application
- Company (MU1) Form with a total of $1,615 in fees, including an NMLS Processing Fee.
- Qualifying Individual
- Control Persons
- Secretary of State Documentation
- Credit Report
- Personal Financial Statements
- Personal Questionnaire
- Litigation Affidavit
- Disclosure Questions
- Business Plan
- Fair Lending Plan
- Certificate of Compliance
** Surety bonds are not required to be submitted until the application has been approved. The Department will not issue a registration until the Original Surety Bond has been received and accepted as satisfactorily meeting the Department’s requirements.
How to obtain a New York Mortgage Brokers Bond?
At surety1.com, we make it easy to obtain a New York Mortgage Brokers Bond. Our 3 step process is as follows:
- Complete our easy to use and secure online application form.*
- Receive a free, no obligation quote from one of our professional surety bond agents, usually within one business day.
- Sign some paperwork and make payment (all major credit cards accepted).
*The name of the principal insured on the bond 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.
Once these steps have been completed, your bond will be delivered to you for the required signature. Applicant must turn the bond into the Superintendent of Financial Services of the State of New York with original signatures.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
APPLY for your New York Mortgage Brokers Bond today!