New York Mortgage Loan Originator Bond - Entity
| Number of Sponsored MLO's | Bond Amount Required | Bond Term | Annual Premium |
| Fewer than 10 | $100,000 | 1 Year | $600 |
| 10 to 15 | $150,000 | 1 Year | $900 |
| 16 to 24 | $250,000 | 1 Year | $1,500 |
| 25 or more | $500,000 | 1 Year | $3,000 |
Under New York Banking Law §â¯599 k and Regulation 3 NYCRR §â¯420.15, an originating entity (i.e., the company employing or sponsoring MLOs) can choose to cover some or all of its mortgage loan originators under a single entity surety bond, instead of each individual MLO obtaining their own bond. The required bond amount for an originating entity depends on how many licensed MLOs it oversees. See table below to determine your premium:
| Number of Sponsored MLO's | Bond Amount | Annual Premium |
| Fewer than 10 | $100,000 | $600 |
| 10 to 15 | $150,000 | $900 |
| 16 to 24 | $250,000 | $1,500 |
| 25 or more | $500,000 | $3,000 |
Overview
New York Mortgage Loan Originators are required to post a surety bond of $50,000 to $500,000. This surety bond is designed to provide financial protection to consumers and the state, ensuring that MLOs adhere to state laws, regulations, and ethical practices while originating mortgage loan bonds required by the Department of Financial Services.
Bond Coverage & Premiums
NNA Surety Bonds has secured premiums of $6 per $1,000 in liability for all New York mortgage loan originators to obtain this bond without a credit check.
We offer New York MLO bond policies in four different annual coverage amounts to meet your needs, ranging from $100,000 up to $500,000.
Bond Amount: $100,000-$500,000
Bond Duration: 1 Year (12 Months)
Bond Issuer: NNA Surety Bonds
Bond Cost: Approximately $6 per $1000 of liability
These bonds can be issued without the need for a credit check.
NY Mortgage Originator Bond Questions
If you have questions about your purchase today, don’t hesitate to contact our team. Our experts can help determine if this bond is the right fit for you and your business.
Originating entities in New York may maintain a surety bond covering licensed mortgage loan originators they employ or engage as independent contractors. Required by the State of New York, the New York mortgage loan originator entity bond helps ensure covered MLOs comply with applicable mortgage loan originator requirements.
Cost of the New York Mortgage Loan Originator Bond - Entity
The cost of the $100,000 to $500,000 New York mortgage loan originator entity bond is $600 to $3,000 per bond term with NNA Surety. Secure this surety bond today.
How the New York Mortgage Loan Originator Bond - Entity Works
The New York mortgage loan originator entity bond provides financial protection by holding the originating entity accountable for covered activities of mortgage loan originators under the bond.
The bond involves three parties:
- Principal: Originating entity
- Obligee: State of New York
- Surety: Bonding company
A claim against the bond may be filed for covered violations involving mortgage loan originators under the entity bond. The principal is responsible for repaying valid claims paid by the surety.
How to Get the New York Mortgage Loan Originator Bond - Entity
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $600 to $3,000 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your New York mortgage loan originator entity bond.
Learn more about your New York surety bond options across the state.
Get Your New York Mortgage Loan Originator Bond - Entity
Keep your New York bonding requirements on track by securing your mortgage loan originator entity bond today. Complete this form or call 855-457-2196 to get bonded.