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New York Mortgage Loan Originator Bond

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

The cost of a New York mortgage loan originator bond depends on a review of the applicant’s qulifications by an underwriter. Factors taken into consideration when determining a quote include the applicant’s credit, experience in the industry and the aggregate amount of loans originated in New York.

Bond Type Bond Amount Cost*
$10,000 Mortgage Loan Originator Bond Less than $1,000,000 in loan volume $10,000 Starts at $100 Apply Now
$15,000 Mortage Loan Originator Bond $1,000,000-7,499,999 in loan volume $15,000 Starts at $150 Apply Now
$25,000 Mortgage Loan Originator Bond $7,500,000-14,999,999 in loan volume $25,000 Starts at $250 Apply Now
$50,000 Mortgage Loan Originator Bond $15,000,000-$29,999,999 in loan volume $50,000 Starts at $500 Apply Now
$75,000 Mortgage Loan Originator Bond $30,000,000-$49,999,999 in loan volume $75,000 Starts at $750 Apply Now
$100,000 Mortgage Loan Originator Bond $50,000,000+ in loan volume $100,000 Starts at $1,000 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.

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.

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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:

Mortgage Industry Surety Bonds Avaiable Nationwide

Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.

NH VT RI NJ DE MD DC MA CT HI AK FL ME NY PA VA WV OH IN IL WI NC TN AR MO GA SC KY AL LA MS IA MN OK TX NM KS NE SD ND WY MT CO UT AZ NV OR ID CA MI

Or, choose your state from the list below:

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