New York Mortgage Loan Originator Bond - Individual
| Total Loan Volume Originated in NY in Preceding 12 Months | Bond Amount Required | Bond Term | Annual Premium |
| $0-$999,999 | $10,000 | 1 Year | $100 |
| $1,000,000-$7,499,999 | $15,000 | 1 Year | $100 |
| $7,500,000-$14,999,999 | $25,000 | 1 Year | $150 |
| $15,000,000-$29,999,999 | $50,000 | 1 Year | $300 |
| $30,000,000-$49,999,999 | $75,000 | 1 Year | $450 |
| Exceeds $50,000,000 | $100,000 | 1 Year | $600 |
Any MLO operating in New York who is not covered by an originating entity's bond must obtain an individual surety bond. This bond is required by 3 NYCRR § 420.15(b) and can alternatively be met via coverage under an entity bond, but if not, the individual must secure their own. The bond amount varies according to the total volume of loans originated in New York during the preceding calendar year. See table above to determine your premium.
Cost of the New York Mortgage Loan Originator Bond - Individual
The cost of the $10,000 to $100,000 New York mortgage loan originator bond is $100 to $600 per bond term with NNA Surety. Secure this surety bond today.
The NNA has secured premiums of $6 per $1,000 in liability for all New York loan originators to obtain this bond without a credit check.
How the New York Mortgage Loan Originator Bond - Individual Works
The New York mortgage loan originator bond protects consumers by holding individually bonded mortgage loan originators financially accountable for complying with applicable state requirements.
The bond involves three parties:
- Principal: Mortgage loan originator
- Obligee: State of New York
- Surety: Bonding company
A claim against the bond may be filed for covered violations involving the mortgage loan originator's activities. The principal is responsible for repaying valid claims paid by the surety.
How to Get the New York Mortgage Loan Originator Bond - Individual
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $100 to $600 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your New York mortgage loan originator license.
Learn more about your New York surety bond options across the state.
Get Your New York Mortgage Loan Originator Bond - Individual
Stay compliant with New York licensing requirements by securing your individual mortgage loan originator bond today. Complete this form or call 855-457-2196 to get bonded.