The New York Mortgage Loan Servicer Bond is a type of surety bond required by the Superintendent of Banks of the State of New York for all those who wish to be licensed as a mortgage loan servicer. The bond is in place for the reimbursement of consumer fees and undisbursed consumer payments or other charges determined by the Superintendent to be improperly charged or collected, and to pay past due Department of Financial Services examination costs and assessments charged to the bondholder. The amount for the bond is set at $250,000. In order to find out the cost of the surety bond that you need to pay, all we need is the completed application.
How do I become licensed as a Mortgage Loan Servicer?
The application can be done through the Nationwide Mortgage Licensing System. The following must be submitted when applying for the license:
- Completed MU1 form
- Corporate financial statements
- Secretary of State documentation
- Credit report
- Letter of assurance
- Errors and Omissions
- Fidelity bond with a minimum of $300,000
- Net worth requirement
- Personal financial statements
- Personal questionnaire
- Litigation affidavit
- Certification and affirmation
- Business plan
- Compliance program
- Management and organizational charts
- Certificate of compliance
- Workers Compensation
- Aggregate servicing volume report
- Servicing volume by state report
- Delinquency status report
- Loss mitigation
- Word approval authorization certificate
- Website questionnaire
- Waiver requests
How do I obtain a New York Mortgage Loan Servicer Bond?
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the New York Mortgage Loan Servicer Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
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.