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:
0 - 24 applications = $10,000 Surety Bond25 – 99 applications = $25,000 Surety Bond100 – 299 applications = $50,000 Surety Bond300 – 599 applications = $75,000 Surety Bond600 + applications = $100,000 Surety Bond
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.
- 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 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.
- 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.
Related Links: New York NMLS Mortgage Broker License
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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