New York NYSDFS Mortgage Broker Surety Bonds

If you are a Mortgage Broker in New York, you are required to apply for a New York State Department of Financial Services (NYSDFS) license through the National Mortgage Licensing System (NMLS) and file a New York Mortgage Broker Bond as a condition of licensure. New York does not have a net worth requirement for Mortgage Brokers.

Surety Bond Requirements:

A surety bond is required based on the number of loan applications taken:

Surety bonds are not required to be submitted until the registration application has been approved. Instead of a surety bond, a "Deposit Agreement" pledging security can be filed.

License Requirements:

1. Complete the application and pay the investigation, credit report, fingerprint, and NMLS processing fees.
2. Applicants must be able to pass a criminal background check.and credit report check. If any negative information is reported, a letter of explanation must be submitted and proof of the condition may be required.
3. Provide the following documents: a business plan, a Certification and Affirmation for top three senior executive officers, a compliance program description, a Fair Lending Plan, a management and organizational charts, a Certificate of Compliance, evidence of workers compensation compliance, copies of leases or subleases for business locations, complete the Website Questionnaire, a list of the three most utilized lenders, personal financial statements for each control person, a personal questionnaire for each control person, resumes for the top three executive positions, and a Litigation Affidavit for control persons.
4. If applicable, the following must be submitted: a corporate resolution for any company that is either a corporation or a partnership, a Dual Agency Affidavit, a Word Approval Authorization Certificate, a Waiver Request, a Certificate of Assumed Name (if using a dba or trade name), formation documentation including a Certificate of Good Standing for corporations, partnerships, or limited liability companies.

How Much Will This Bond Cost?

The premium that you pay for a New York Mortgage Broker License Surety Bond is dependent on credit and the bond amount needed. Premiums start at .75% of the bond amount with good credit. Bond amounts over $50,000 will require personal and business financials. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

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