Every mortgage broker registered or applying for registration in the State of New York. Required when: The bond is required as a condition of registration and must be submitted upon approval of the registration application. Exemptions: Mortgage brokers that have been placed on inactive status with Departmental approva…
Overview
What it is.
Every mortgage broker registered or applying for registration in the State of New York. Required when: The bond is required as a condition of registration and must be submitted upon approval of the registration application. Exemptions: Mortgage brokers that have been placed on inactive status with Departmental approva…
Who usually needs it
Every mortgage broker registered or applying for registration in the State of New York.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateNYBond amountThe bond amount is based on the number of New York loan applications received b…Term lengthContinuousObligeeNew York State Department of Financial ServicesRenewalThe bond remains in effect indefinitely but the principal amount must be adjusted annually within 30 days after filing the Volume of Operations Report (VOOR) if the number of applications changes the required bond tier.Bond classLicense BondCategoryFinancial ServicesBondCorporate surety bond for mortgage brokersStatutory referenceNew York Banking Law Section 591-a; 3 CRR-NY 410.14JurisdictionState
