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New York Mortgage Servicer Bond

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
*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.

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
  • more

Apply for your bond here! Our specialists make sure you receive the fastest and most efficient bonding services possible.

Ready to get started?

Get a FREE Mortgage Servicer Bond Quote Today!

Additional Resources

Mortgage Loan Servicer Change of Control Application

Registered Mortgage Loan Servicer Bond Form

New York Mortgage Loan Servicer Registration

Part 418. Servicing Mortgage Loans: Registration Requirements; Financial Responsibility Requirements

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