New York Mortgage Broker Bond

New York Mortgage Broker Bond

New York Mortgage Broker Bond


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What is an New York Mortgage Broker Bond? 

New York Mortgage Broker Bonds are required by New York's Department of Financial Services to obtain your Mortgage Broker license. The New York Mortgage Broker Bond amount is set at $10,000. This registration is required by any company or sole proprietorship who for compensation or gain directly or indirectly accepts, assist, solicit, process, negotiate, or offer to accept, assist solicit, negotiate or process a mortgage loan with a lender on behalf of a third party.


The State requires a Mortgage Broker bond for :  


$10,000

Less than $1,000,000

$15,000

$1,000,000 to $7,499,999

$25,000

$7,500,000 to $14,999,999

$50,000

$15,000,000 to $29,999,999

$75,000

$30,000,000 to $49,999,999

$100,000

$50,000,000+

 

Different parts of a bond:


 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.


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New York Mortgage Broker Bond Information and Requirements:


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$10,000

Less than $1,000,000

$15,000

$1,000,000 to $7,499,999

$25,000

$7,500,000 to $14,999,999

$50,000

$15,000,000 to $29,999,999

$75,000

$30,000,000 to $49,999,999

$100,000

$50,000,000+