How much will my New York mortgage loan servicer bond cost?
If you service mortgage loans for property located in New York, you are mandated to post a surety bond.
Bond amounts are determined by the Superintendent of Financial Services.
Be sure to have your given bond amount on-hand when speaking with a mortgage loan servicer specialist. Providing this information can speed up your bonding process and can even lower your bond premium.
These bonds are subject to underwriting, meaning that amount you pay is determined by the financials of your credit report.
Regardless of your credit, our bond professionals can get you bonded at the lowest rate available to your specific needs. For an accurate estimation on how much you could pay for your bond, submit a bond request online.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Mortgage Servicer Bond||Varies||1-3%||4-8%||10-20%||Apply Now|
Experience worry-free bond services when you work with SuretyBonds.com. Apply here for a free bond quote or give us a call at 1 (800) 308-4358 to get started!
What does this bond do?
These bonds offer reimbursement to the Superintendent of Financial Services in the event of insolvency, bankruptcy or liquidation of the principal (mortgage loan servicer). If the principal violates the terms of the bond, a valid claim can be filed against this bond. The surety will cover damages up to the penal sum of the bond, but the principal must reimburse the surety for all damages paid out in a timely manner.
Send a bond request and a surety expert will contact you to walk you step-by-step through your bond application.
What’s the fine print?
All bonds will remain effective unless canceled by the surety. If the surety chooses to cancel a bond, a written cancellation notice must be mailed to the Superintendent of Financial Services 30 days prior to the given cancellation date.
How to become a mortgage loan servicer in New York
To legally conduct mortgage loan servicer business, you must be licensed. License applications must be completed in full and sent to the Department of Financial Services. Submitted applications must have the following attachments:
- $3,000 investigation fee
- $102.25 fingerprint processing fee
- $500 branch office fee
- surety bond
- net worth requirement
- letter of assurance
Apply for your bond here! Our specialists make sure you receive the fastest and most efficient bonding services possible.
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