New York Mortgage Banker Bond
Flat Rates & No Credit Check
| Aggregate NY Loan Volume in Preceding 12 Months | Bond Amount Required | Bond Term | Annual Premium |
| $0-$9,999,999 | $50,000 | 1 Year | $300 |
| $10,000,000-$29,999,999 | $100,000 | 1 Year | $600 |
| $30,000,000-$99,999,999 | $150,000 | 1 Year | $900 |
| $100,000,000-$199,999,999 | $250,000 | 1 Year | $1,500 |
| $200,000,000-$29,999,999 | $350,000 | 1 Year | $2,100 |
| Exceeds $300,000,000 | $500,000 | 1 Year | $3,000 |
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.
Mortgage bankers conducting mortgage lending business in New York must maintain surety bond coverage as part of state licensing requirements. Required by the State of New York, the New York mortgage banker bond helps ensure compliance with applicable mortgage banking requirements and provides financial protection for covered obligations.
The specific bond amount within the provided range is contingent upon factors such as the originator's loan volume and financial stability. The NNA has secured premiums of $6 per $1,000 in liability for these bonds without a credit check.
Cost of the New York Mortgage Banker Bond
The cost of the $50,000 to $500,000 New York mortgage banker bond is $300 to $3,000 per bond term with NNA Surety. Secure this surety bond today.
How the New York Mortgage Banker Bond Works
The New York mortgage banker bond protects consumers by holding licensed mortgage bankers financially accountable for complying with applicable state requirements.
The bond involves three parties:
- Principal: Mortgage banker
- Obligee: State of New York
- Surety: Bonding company
A claim against the bond may be filed for covered violations or obligations under New York mortgage banking requirements. The principal is responsible for repaying valid claims paid by the surety.
How to Get the New York Mortgage Banker Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $300 to $3,000 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your New York mortgage banker license.
Learn more about your New York surety bond options across the state.
Get Your New York Mortgage Banker Bond
Keep your New York licensing requirements on track by securing your mortgage banker bond today. Complete this form or call 855-457-2196 to get bonded.