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.