Get Your New York Mortgage Bond
Bonds up to $25,000
1-Year Bond Starts at $100.00
0.8% of the Bond Amount
Bonds up to $25,000
1-Year Bond Starts at $100.00
0.8% of the Bond Amount
$10,000 Bond
1-Year Bond
Bonds up to $25,000
1-Year Bond Starts at $100.00
0.8% of the Bond Amount
$250,000 Bond
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Why is a New York Mortgage Bond Required?
Article 12-D of the Banking Law of the State of New York requires all registered mortgage professionals to furnish surety bonds in an amount or coverage based on the mortgage volume of business, as set forth in Section 410.14 of Part 410 of the Superintendent’s Regulations. The purpose of the surety bond is for the reimbursement of consumer fees or other charges determined by the Superintendent to be improperly charged or collected by the mortgage professional and to pay past due amounts for examination costs and assessments, unpaid penalties, or other obligations of the principal in the event of the insolvency, liquidation or bankruptcy.
Mortgage Bonds And Getting Your New York Business License/Registration
The New York State Department of Financial Services accepts new Mortgage professional applications through the Nationwide Mortgage Licensing System (NMLS). New applications for licensure must be submitted through the online NMLS application process. No application shall be deemed to be complete until all required information, documents, and fees have been received. Incomplete applications will receive written notification with the items that must are required for the Department to continue the application review process and applicants will then have 30 days to submit missing documents before the application is withdrawn. If an application is withdrawn, applicant must repay applicable fees and resubmit all documentation to the Department to restart the process.
To implement the provisions of the Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act), the Department requires:
- Submission of an application through the Nationwide Mortgage Licensing System (NMLS)
- Completion of 20 hours of NMLS approved Pre-licensing Education Courses, including 3 hours of New York law;
- Pass the SAFE Mortgage Loan Originator Test, consisting of a National Component with Uniform State Content
- Submit a Surety Bond as outlined above
Additional New York Mortgage Bond Resources & Links
New York Department of Financial Services Mortgage Requirements