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New York Mortgage Broker Surety Bonds

New York Mortgage Brokers have been under regulation of the Banking Department of New York since April 1, 1987. The Banking Departments authority comes from Banking Law Article 12-D. New Yorks Regulation of mortgage brokers is considered very unrestrictive when compared to other states regulations.

Applicants for licensure must have 2 years of credit analysis or underwriting experience, or a relevant education background that is considered suitable in place of this requirement. The Applicant will also be required to obtain a mortgage bond for an amount of $10,000-$100,000. The amount required is determined by the amount of number of applications taken by the registrant.

New York Mortgage Bond Markets

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Bad Credit Mortgage Broker Bonds

Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, Inc. offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.

New York Licensure Requirements*

Applicant Requirements:

Age: No Requirement
State Residency: No Requirement
Experience: 2 Years of Credit Analysis, or underwriting experience. A relevant educational background may be suitable to replace the requirement.
Education: No specific coursework is required.
Continuing Education: No Requirement
Examination: No Requirement
Fitness For Licensure: Applicant must show financial responsibility, educational background, character, fitness, and financial responsibility.
Net Worth: Applicant must include an affirmation of financial solvency.
Surety Bond: The Mortgage Bond amount is determined by the number of New York Applications using the following scale: 0-24 applications: $10,000 bond, 25-99 applications: $25,000 bond, 100-299 applications: $50,000 bond, 300-599 applications: $75,000 bond, and receiving 600 or more applications requires a bond in the amount of $100,000
Background Check: Officers, Directors and owners of 10% or more are required to submit a Personal History Report as well Personal Financial Statement and fingerprints
Managing Principal: No Requirement
State Licensing Fees:
Initial Application: $1,500 application fee.
Branch Application: $500 registration fee.
Renewal Application: No Requirement
Employee Requirements:
Age: No Requirement
State Residency: No Requirement
Experience: No Requirement
Education: No Requirement
Continuing Education: No Requirement
Examination: No Requirement
Fitness For Licensure: No Requirement
Net Worth: No Requirement
Surety Bond: No Requirement
Background Check: No Requirement
Managing Principal: No Requirement
Exemptions: Applicant is required to submit basic information on all W-2 employees.
Licensing Fee: No Requirement
Renewal Fee: No Requirement
Branch Offices
In State Requirements: No Requirement
Licensure Requirements: Licensee must notify state when a branch office opens
Branch Manager: No Requirement
Exemptions:
Entities: Lawyers, insurance companies, regulated financial institutions, and real estate agents.
Safe Harbor: None