Volume-Based Bond Amount
Mortgage broker bonds start at $10,000 and may be increased to $100,000 by the Superintendent based on business volume, complaints, and relevant factors per Section 591-a.
NY DFS RequiredArticle 12-DSame-Day Issuance
New York Mortgage Broker Surety Bond
Secure your New York mortgage broker registration with a surety bond from Surety One, Inc. — the nationwide leader in mortgage industry surety bonds. Bond amounts from $10,000 to $100,000 based on volume. Premiums individually determined by credit and financial review.
NY Mortgage Broker Bond
$10K – $100K
Bond amount based on volume • Premium based on credit
Bond Amount$10,000 – $100,000
PremiumBased on Credit
ObligeeNY DFS
StatuteArt. 12-D, Banking Law
TermAnnual (Dec 31)
TurnaroundSame Day
Get Your Free Quote
Understanding Your Bond
What Is a New York Mortgage Broker Surety Bond?
A New York mortgage broker surety bond is a three-party agreement required by the New York Department of Financial Services (NYDFS) as a condition of registration under Article 12-D of the New York Banking Law. The bond guarantees that the registered mortgage broker will comply with all applicable state laws governing mortgage brokerage activities.
Per Section 591-a of the Banking Law, the bond is for the exclusive use of the Superintendent of Financial Services for reimbursement of consumer fees or other charges improperly collected by the registrant, and to pay past-due NYDFS examination costs and assessments.
The minimum bond amount is $10,000. The Superintendent has authority to increase the bond up to $100,000 based on the registrant's volume of business, complaint history, and other relevant factors.
The Three Parties
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PrincipalThe mortgage broker registrant who purchases the bond and is obligated to comply with Article 12-D and Part 410 of the Superintendent's Regulations.
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ObligeeThe New York Superintendent of Financial Services and the People of the State of New York — the entities requiring the bond for consumer protection.
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SuretySurety One, Inc. — the company that underwrites and issues the bond, guaranteeing the principal's compliance with registration law.
Important: NY-Specific Bond Form Required
New York requires use of the official NYDFS mortgage broker surety bond form. The Department will not accept generic or out-of-state bond forms. Surety One issues bonds on the proper NY form and assists with NMLS electronic submission and original mailing to the Department at One State Street, New York, NY 10004.
Bond Amount Schedules
New York Mortgage Bond Amounts by License Type
New York requires different bond amounts depending on your license type and business volume. The following schedules are established by the NYDFS.
Mortgage Broker Registration
| Criteria | Bond Amount |
|---|---|
| Minimum bond (all registrants) | $10,000 |
| Superintendent may increase based on volume, complaints, or other factors | Up to $100,000 |
Mortgage Banker License
| Criteria | Bond Amount |
|---|---|
| All licensed mortgage bankers | $50,000 |
Mortgage Loan Originator (Individual MLO) Bond
| Aggregate Loan Volume (Prior Year) | Bond Amount |
|---|---|
| No prior activity or up to $1,000,000 | $10,000 |
| $1,000,001 – $7,499,999 | $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 or more | $100,000 |
Originating Entity MLO Bond
| Number of Licensed MLOs Sponsored | Bond Amount |
|---|---|
| 1 – 5 mortgage loan originators | $10,000 |
| 6 – 25 mortgage loan originators | $50,000 |
| More than 25 mortgage loan originators | $500,000 |
Mortgage Loan Servicer Bond
Registered mortgage loan servicers in New York are required to maintain a flat $250,000 surety bond. Surety One issues all New York mortgage industry bond types. Apply now or call (800) 373-2804.
New York Registration Requirements
Key Bond & Licensing Requirements
New York has one of the most comprehensive mortgage regulatory frameworks in the nation. Here are the essential requirements for the mortgage broker surety bond.
NY Dept. of Financial Services
The obligee is the NYDFS, Mortgage Banking Division, located at One State Street, New York, NY 10004. They administer all mortgage registrations and licenses.
Article 12-D, Banking Law
All bonding and registration requirements fall under Article 12-D of the New York Banking Law (Sections 589–599) and Part 410 of the Superintendent's Regulations.
No Net Worth Requirement
Unlike many states, New York does not impose a minimum net worth requirement for mortgage brokers. However, mortgage bankers must maintain a $250,000 net worth and a $1,000,000 line of credit.
NMLS Registration
All applications must be submitted through the NMLS. Criminal background checks, credit reports, and qualifying individual designation are required as part of the registration process.
Annual Registration Renewal
New York mortgage broker registrations expire December 31 each year and must be renewed before expiration. The bond must be continuously maintained throughout the registration period.
Consumer Protection
What Does This Bond Protect Against?
The New York mortgage broker surety bond holds registrants accountable for ethical conduct under Article 12-D. The bond proceeds are used exclusively by the Superintendent for:
Improperly Charged Consumer Fees
Reimbursement of any consumer fees or other charges determined by the Superintendent to have been improperly charged or collected by the mortgage broker.
Unpaid Examination Costs
Payment of past-due NYDFS examination costs and assessments charged to the principal during regulatory oversight of the registrant's operations.
Fraudulent Lending Practices
Compensation for consumers harmed by acts of fraud, misrepresentation, or deceptive practices committed by the mortgage broker in connection with loan transactions.
Insolvency & Revocation
The bond remains in effect and is applied to outstanding consumer and regulatory obligations in the event of the registrant's insolvency, liquidation, bankruptcy, or registration revocation.
How It Works
Get Your New York Mortgage Broker Bond in 4 Steps
Surety One makes obtaining your New York mortgage broker surety bond fast and straightforward. Most bonds are issued the same business day.
Apply Online
Complete our mortgage broker bond application online or call us at (800) 373-2804. There's no cost and no obligation.
Get Your Quote
Our underwriters review your application and provide a competitive premium quote, typically within hours. We work with all credit profiles.
Purchase & Sign
Accept your quote, complete the indemnity agreement, and pay your premium. We issue the bond on the official NYDFS form.
File Your Bond
Submit electronically through NMLS and mail the original signed bond to NYDFS Mortgage Banking at One State Street, New York, NY 10004.
Understanding Your Premium
How Is My Premium Determined?
Your premium — the actual amount you pay — is a percentage of your required bond amount. You do not pay the full bond amount. Your rate is individually determined through underwriting review of several factors.
| Underwriting Factor | How It Affects Your Premium |
|---|---|
| Required Bond Amount | Your bond amount ($10,000–$100,000 for brokers) determines the base from which your premium is calculated. Higher amounts require higher premiums. |
| Personal Credit Score | Your FICO score is a primary factor. Stronger credit profiles generally qualify for lower premium rates. |
| Financial Condition | Your overall financial stability, including assets, liabilities, and net worth. Bond amounts over $50,000 may require personal and business financial statements. |
| Industry Experience | Your professional history in the mortgage industry may be considered as part of the risk assessment. |
| Claims History | Any prior surety bond claims or regulatory actions may influence the terms offered. |
Every Applicant Receives a Personalized Quote
Because premiums are individually determined, the only way to know your exact cost is to apply. Surety One provides free, no-obligation quotes — and we decline no application. We offer non-standard programs for applicants with impaired or limited credit. Apply now or call (800) 373-2804 for your personalized quote.
Common Questions
New York Mortgage Broker Bond FAQ
The required bond amount ranges from $10,000 to $100,000 depending on your volume of business. Your premium — the actual cost you pay — is a percentage of that amount, individually determined based on your credit score, financial condition, and underwriting review. The only way to know your exact premium is to apply for a free, no-obligation quote from Surety One.
The New York Department of Financial Services (NYDFS) requires the bond under Article 12-D of the Banking Law, specifically Section 591-a. It is a mandatory condition of mortgage broker registration. Your registration will not be issued until the bond has been received and accepted by the Department.
Mortgage brokers: $10,000 to $100,000 based on volume. Mortgage bankers: $50,000. Mortgage loan servicers: $250,000. Mortgage loan originators (individual): $10,000 to $100,000 based on loan volume. Originating entities: $10,000 to $500,000 based on number of sponsored MLOs. Surety One issues all New York mortgage bond types.
Mortgage brokers submit the completed bond form electronically through the NMLS. The original signed bond, on the official NYDFS form with power of attorney, must also be mailed to: New York State Department of Financial Services, Mortgage Banking, One State Street, New York, NY 10004. Surety One issues bonds on the proper NY form and assists with filing.
Most New York mortgage broker bonds are underwritten and issued the same business day upon receipt of a completed application and satisfactory credit review. Surety One provides 24/7/365 application review and guaranteed same-day underwriter feedback.
Yes. Surety One declines no application. We offer non-standard surety bond programs for applicants with impaired credit, limited credit history, or other underwriting challenges. The credit check is a "soft hit" and will not affect your credit score. Premium rates will reflect the additional risk, but we work to find terms that fit each applicant.
Yes. Per Section 591-a of the Banking Law, the Superintendent of Financial Services has authority to increase a mortgage broker's bond amount from the $10,000 minimum up to $100,000 based on the registrant's volume of business, consumer complaint history, and any other relevant factors. Your bond amount is reported through your annual Volume of Operations Report (VOOR).
The bond cannot be cancelled by the surety, principal, or registrant except upon 30 days' written notice to the Department by registered or certified mail with return receipt requested. The surety remains liable for all claims that arose during the bond term and prior to the effective cancellation date.
The Surety One Advantage
Why Choose Surety One, Inc.?
Surety One is a national surety leader specializing in the bonding needs of mortgage professionals across all 50 states, Puerto Rico, and the U.S. Virgin Islands.
NY Mortgage Bond Specialists
We specialize in all New York mortgage industry bonds — broker, banker, servicer, and MLO. Our underwriters know Article 12-D, the NYDFS forms, and the filing process inside and out.
Same-Day Issuance
Most New York mortgage broker bonds are issued the same business day. Our 24/7/365 underwriting team provides guaranteed same-day feedback on every submission.
A+ BBB Rated
Surety One carries an A+ rating with the Better Business Bureau in both our U.S. and Puerto Rico offices, reflecting our commitment to client satisfaction and ethical practices.
All Credit Accepted
We decline no application. Our non-standard programs provide access to bonding for applicants with damaged or limited credit histories. Everyone gets a fair review.
Multi-State Expertise
Operating in multiple states? We streamline your bonding across all 50 states with a single point of contact, ensuring compliance with each state's unique requirements.
Free Quotes, No Obligation
Application review and quoting are always free. There is no obligation to purchase. Contact us by phone, email, or live chat to explore your options.
