New York Mortgage Bond Markets

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 Requirement
  • 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 application 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
  • 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

*Information for state licensing is provided as a guide, always verify with the state that the information is correct.

How to apply:

1.) Visit the commercial application page.
2.) Complete our online application.


About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post, Entrepreneur.com, Azcentral.com and many more.