New York Mortgage Loan Originator Bond - Entity
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.