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New York Mortgage Loan Servicers Bond

Bond Requirements and Online Application

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The New York Mortgage Loan Servicer Bond is 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.New York Mortgage Loan Servicers Bond

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
  • Resume
  • Litigation affidavit
  • Fingerprints
  • 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
  • Leases
  • Word approval authorization certificate
  • Website questionnaire
  • Waiver requests

How do I obtain a New York Mortgage Loan Servicer 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.

 

 

 

How to Get Your New York Mortgage Loan Servicers 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 New York Mortgage Loan Servicers 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

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