New York Mortgage Broker Bond

    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.
How to get bonded
  • Apply Online
    Fill out our online application form.
  • Get Approved Instantly
    You will be sent your quote in minutes.
  • Pay and ship your bond
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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.