Bond Details

New York Mortgage Loan Servicer Bond – $250,000 bond – $1,500 per year

Overview

A New York mortgage servicer bond is required of individuals or business entities that receive payments from a borrower under the terms of a home loan. The state of New York banking superintendent requires mortgage servicers to be bonded in the amount of $250,000. The required $250,000 mortgage servicer bond for a one-year term can be purchased for $1,500. The bond is issued in the Nationwide Mortgage Licensing System (NMLS).