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What Is The Bond Requirement For A New York Mortgage Broker?


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

License/registration requirements are as follows:

Complete the application and pay the investigation, credit report, fingerprint, and NMLS processing fees.

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.

Provide the following documents: a business plan, a Certification and Affirmation for top 3 senior executive officers, a compliance program discription, 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 location(s), complete the Website Questionnaire, a list of the 3 most utilized lenders, personal financial statements for each control person, a personal questionnaire for each control person, resumes for the top 3 executive positions, and a Litigation Affidavit for control persons.

If applicable, the following must be submitted: a corporate resolution for any company that is either a corportation 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.

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

  • 0 - 24 applications = $10,000 Bond
  • 25 – 99 applications = $25,000 Bond
  • 100 – 299 applications = $50,000 Bond
  • 300 – 599 applications = $75,000 Bond
  • 600 + applications = $100,000 Bond
  • Surety bonds are not required to be submitted until the registration application has been approved. In lieu of a bond, a Deposit Agreement pledging security can be filed.

    How Much Will This Bond Cost?

    The premium that you pay for a New York Mortgage Broker Bond is dependent on credit and the bond amount needed. Bond amounts over $50,000 will require personal and business financials.

    SuretyGroup.com is here to help you with your bonding needs.

    We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.

    Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.

    Have Questions?

    Contact our Surety Bond Specialists at:

    Phone: 1‑844‑432‑6637
    Fax:     404-351-3237
    Hours: 8:00-5:00 CST, Monday through Friday