New York Mortgage Banker Bond
The NY Mortgage Banker License (Company) surety bond is required by companies that make three or more mortgage loans in a calendar year or more than five loans in a two-year period on 1-4 family owner-occupied residential property located in the State of New York. See table below to determine your premium:
| Aggregate NY Loan Volume in Preceding 12 Months | Bond Amount | Annual Premium |
| $0- $9,999,999 | $50,000 | $300 |
| $10,000,000- $29,999,999 | $100,000 | $600 |
| $30,000,000- $99,999,999 | $150,000 | $900 |
| $100,000,000-$199,999,999 | $250,000 | $1,500 |
| $200,000,000-$299,999,999 | $350,000 | $2,100 |
| Exceeds $300,000,000 | $500,000 | $3,000 |
Overview
New York mortgage bankers are required to post a bond amount between $50,000 and $500,000. The NNA has secured premiums of $6 per $1,000 in liability for all New York mortgage bankers to obtain this bond without a credit check.
Required by the Department of Financial Services, this bond is a financial guarantee that mortgage bankers in New York will adhere to state regulations and ethical standards and fulfill their obligations to clients and authorities.