New York Mortgage Brokers Bond

The New York Mortgage Brokers Bond is required by the Superintendent of Financial Services of the State of New York.

According to the National Mortgage Licensing System, 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:

• A total dollar amount of closed New York loans between $0 and $9,999,999 requires a $50,000 surety bond.
• A total dollar amount of closed New York loans between $10,000,000 and $29,999,999 requires a $100,000 surety bond.
• A total dollar amount of closed New York loans between $30,000,000 and $99,999,999 requires a $150,000 surety bond.
• A total dollar amount of closed New York loans between $100,000,000 and $199,999,999 requires a $250,000 surety bond.
• A total dollar amount of closed New York loans between $200,000,000 and $299,999,999 requires a $350,000 surety bond.
• A total dollar amount of closed New York loans greater than $300,000,000 requires a $500,000 surety bond.

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:

• Surety bond
• NMLS Application
• Company (MU1) Form with a total of $1,615 in fees, including an NMLS Processing Fee.
• Fingerprinting
• Qualifying Individual
• Control Persons
• Secretary of State Documentation
• Credit Report
• Personal Financial Statements
• Personal Questionare
• Resume
• Litigation Affidavit
• Disclosure Questions
• Business Plan
• Fair Lending Plan
• Certificate of Compliance

All fees are required by the obligee, not the Surety Company.

CLICK HERE for more licensing information from the New York State Department of Financial Services.

APPLY for your New York Mortgage Brokers Bond today!