New York Mortgage Loan Originator Bond - Individual
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 below to determine your premium.
| Total Loan Volume Originated in NY in Preceding 12 Months | Bond Amount | Annual Premium |
| $0-$999.999 | $10,000 | $100 |
| $1,000,000-$7,499,999 | $15,000 | $100 |
| $7,500,000-$14,999,999 | $25,000 | $150 |
| $15,000,000-$29,999,999 | $50,000 | $300 |
| $30,000,000-$49,999,999 | $75,000 | $450 |
| Exceeds $50,000,000 | $100,000 | $600 |
Overview
Loan originators who are not covered by an originating entity surety bond must maintain an individual surety bond. New York licensed mortgage loan originators are required to maintain a surety bond based on the dollar volume of loans originated by the mortgage loan originator, between $10,000 and $100,000. 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.