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New York Mortgage Loan Originator Bond

How much will my New York mortgage loan originator bond cost?

SuretyBonds.com offers New York mortgage broker bonds (commonly referred to as mortgage loan originator bonds) for different costs depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our experts will work hard to get you the best price possible for your unique credit situation. The bond amount required will vary depending on the aggregate amount of New York loans originated. Please refer to the table for more information on pricing.

Complete our quick bond request form here and a surety specialist will contact you and walk you through the bonding process.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Loan Originator Bond less than $1,000,000 in loan volume $10,000 Starts at $100 $400-$800 $1,000+ Apply Now
Mortage Loan Originator Bond $1,000,000-7,499,999 in loan volume $15,000 Starts at $150 $600-$1,200 $1,500+ Apply Now
Mortgage Loan Originator Bond $7,500,000-14,999,999 in loan volume $25,000 Starts at $250 $1,000-2,000 $2,500+ Apply Now
Mortgage Loan Originator Bond $15,000,000-$29,999,999 in loan volume $50,000 Starts at $500 $4,000-8,000 $5,000+ Apply Now
Mortgage Loan Originator Bond $30,000,000-$49,999,999 in loan volume $75,000 Starts at $750 $3,000-6,000 $7,500+ Apply Now
Mortgage Loan Originator Bond $50,000,000 or more in loan volume $100,000 Starts at $1,000 $4,000-8,000 $10,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded quickly, safely and accurately, call SuretyBonds.com at 1 (800) 308-4358 or click here to fill out an online bond request form now.

Why do I need this bond?

New York mortgage loan originator bonds assure that if consumers are wronged in the process of a mortgage transaction, they have a safeguard from unprofessional acts of business and can be compensated for any unjustified financial losses they may face. Unethical acts covered by this bond include, but are not limited to:

  • defrauding or misleading borrowers and lenders
  • obtaining property by fraud or misrepresentation
  • failing to make disclosures required by State law, such as annual interest rate percentages
  • advertising a product at a low price when it is not available for sale in order to entice customers to buy a more expensive product, otherwise known as “bait and switch” advertising
  • collecting or charging any prohibited fees

If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount; however, the principal is responsible for reimbursing the surety for any money it pays out to consumers in a timely manner.

Our team of experts is dedicated to getting you bonded for the lowest rate available and as quickly as possible. Apply for a free bond quote now!

What’s the fine print?

New York mortgage broker surety bonds will remain continuous unless otherwise canceled by the surety or the principal. If either party decides to terminate the bond early, a written notice is required to be given to the obligee prior to cancellation. All mortgage loan originators must post a surety bond of the correct amount that covers all employed mortgage loan originators pursuant to the state laws and regulations.

How to become a mortgage loan originator in New York

It is against the law to conduct business as a mortgage loan originator or a mortgage broker without being licensed to do so in New York. To obtain a mortgage loan originator license, the applicant must do the following:

  • post a surety bond
  • submit fingerprints and satisfactory background check through NMLS
  • furnish a pre-license educational certification through NMLS
  • receive a score of 75% on the SAFE Mortgage Loan Originator Test
  • furnish proof of financial responsibility, character and general fitness, including a satisfactory credit report

Our experts understand these licensing requirements and are prepared to answer any questions you might have. Call 1 (800) 308-4358 to speak with a surety specialist, or submit a bond request to receive a free bond quote within 1 business day of applying.

Ready to get started?

Get a FREE Mortgage Loan Originator Bond Quote Today!

Additional Resources

Licensed Mortgage Loan Originators - Individual Bond Form

Licensed Mortgage Loan Originators - Originating Entity Bond

Department of Financial Services Application: Mortgage Loan Originator Bond Instructions

New York State Department of Financial Services - Official Homepage

New York Banking Law Article 12-E: Licensed Mortgage Loan Originators

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