New York Mortgage Loan Originator Bond
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How Much Do New York Mortgage Loan Originator Bonds Cost?
New York mortgage loan originator and loan originating entity bond prices start at 1-3% of the total bond amount for qualified applicants with good credit. However, the exact cost varies based on underwriting review.
Your required bond amount will be based on the volume of loans originated in New York per year. Loan originating entity bond amounts are based on the number of MLOs licensed within the mortgage lending entity. Use the table below to find the bond you need and request a free quote:
What Is a New York Mortgage Loan Originator Bond?
The New York Superintendent of Financial Services requires mortgage loan originator bonds to protect consumers from financial losses throughout mortgage transactions. By signing this bond, loan originators and mortgage loan originating entities agree to comply with all applicable state laws and industry regulations.
If you work in multiple states, we offer mortgage industry license bonds nationwide.
How to Get a New York Mortgage Loan Originator Bond
With SuretyBonds.com, you can get your New York mortgage loan originator bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Checkout on our secure, online portal
If you have any questions during the process, call our friendly experts at 1 (800) 308-4358.
Who Needs a Mortgage Loan Originator Surety Bond?
Mortgage loan originators and loan originating entities in New York must be bonded to meet the NMLS and state licensing requirements:
- Mortgage Loan Originating Entity Bond: Required for any organizations intending to hire mortgage originators and offer mortgage origination services
- Mortgage Loan Originator Bond: Required for individual mortgage loan originators operating in New York state
New York mortgage brokers and bankers need separate surety bonds. Visit our page for more information.
How Do Mortgage Loan Originator Bonds Work in New York?
If the bonded principal creates unjust financial harm for a consumer, the surety will cover damages up to the full bond amount. Then, the principal must reimburse the surety.
These bonds remain active unless otherwise canceled by the surety or the principal. If either party decides to terminate the bond early, they must provide 30-days’ written notice to the New York Superintendent of Financial Services.
How to Become a Licensed Mortgage Loan Originator
To obtain a New York mortgage loan originator license, follow these steps:
- File a surety bond
- Submit fingerprints and a background check through the NMLS
- Furnish a pre-license educational certification through the NMLS
- Pass the SAFE Mortgage Loan Originator Test
- Provide proof of financial responsibility, including a credit report
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Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
