The New York Mortgage Loan Originator Bond is required by the State of New York, Banking Department, Superintendent of Financial Services. The bond is in place for any reimbursement of consumer fees or other charges determined by the Obligee to have been improperly charged or collected by the bondholder in violation of the business conduct and consumer protection laws and regulations.
A mortgage loan originator is an individual who for compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. Applicants may submit their license application through the NMLS website. The following documents must be passed in order to be approved for the license:
The amount of the surety bond depends on the dollar volume of loans originated by the mortgage loan originator. Please refer to the chart below for more information.
The aggregate amount of NY loans originated Amount of the bond
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.