The New York Licensed Mortgage Bankers Bond starts at $500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Money Transmitter (New York Instruments) Bond starts at $5000 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Registered Mortgage Loan Servicers Bond starts at $2500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Money Transmitter (New York Traveler's Checks) Bond starts at $7500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York 7A Housing Administrator Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York City of Rochester Bill Poster Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Licensed Mortgage Loan Originators - Originating Entity Bond starts at $1000 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Mortgage Loan Originator - Individual Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Registered Mortgage Broker Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
Finance and mortgage broker bonds are legally binding agreements between three parties:
The bonds provide a guarantee that licensed finance professionals conduct business in compliance with the regulations set forth in the Banking Law of the State of New York
If the finance professional fails to comply with the regulations, the surety company will pay out financial losses to damaged parties up to the full bond amount. The finance professional is liable to reimburse the surety for any damages paid under the bond.
The required bond amount for finance bonds in the State of New York varies depending on the license type:
The surety company issuing the bond determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for New York finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount. EZSurety has issued mortgage lender bonds in New York for premiums as low as $100.
During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a New York mortgage broker bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
To become a mortgage broker in New York you must meet the following licensing requirements:
For information on obtaining other finance licenses in New York, check out the NMLS Resource Center.
You’ll know if you need a surety bond because some entity will have required you to obtain one. They must also inform you of which specific bond type you’ll need. There are thousands of bonds across the country, all of which vary by state and industry.
Visit EZSuretyBonds.com to browse hundreds of bonds by state, type, or industry.
