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New York Mortgage Loan Originator Bond

Bond Requirements and Online Application

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The New York Mortgage Loan Originator Bond is required by the State of New York, Banking Department, Superintendent of Financial Services. The bond is in place for any reimbursement of consumer fees or other charges determined by the Obligee to have been improperly charged or collected by the bondholder in violation of the business conduct and consumer protection laws and regulations.

How do I apply to become a Mortgage Loan Originator in New York?

A mortgage loan originator is an individual who for compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.  Applicants may submit their license application through the NMLS website. The following documents must be passed in order to be approved for the license:

  • Proof of compliance with the pre-licensure education requirement
  • Must pass the testing requirement
  • Payment of all fees, including $30 for the initial processing fee, $370 for the application fee, $15 for the credit report, $36.25 for the FBI Criminal Background check
  • Completed MU4
  • Criminal background check
  • Credit report
  • Employment history
  • Proof of identification
  • Affirmation
  • Evidence to authorization to work in the U.S.
  • Garnishment of Wages

How much can you expect to pay for the bond?New York Mortgage Loan Originator Bond

The amount of the surety bond depends on the dollar volume of loans originated by the mortgage loan originator. Please refer to the chart below for more information.

The aggregate amount  of NY loans originated       Amount of the bond

  • less than $1,000,000                                                              $10,000
  • $1,000,000 – $7,499,000                                                      $15,000
  • $7,500,000 – $14,999,999                                                     $25,000
  • $15,000,000 – $29,999,999                                                  $50,000
  • $30,000,000 – $49,999,999                                                 $75,000
  • $50,000,000+                                                                         $100,000                

How do I obtain a New York Mortgage Loan Originator Bond?

Complete our easy to navigate online application. Within one business day,  one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).

The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1) are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.

 

 

 

How to Get Your New York Mortgage Loan Originator Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your New York Mortgage Loan Originator Bond!   If you have any questions, please call us at 877-654-2327.
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