One of the things to know about licensing for New York mortgage brokers is that the $10,000 surety bond requirement is not required until after the application has been approved.
Once approved, the surety bond, however, is required before the mortgage broker license is issued.
In New York, mortgage brokers are regulated by the state’s Department of Financial Services .
The Department serves as the obligee for this surety bond. AmeriPro Surety Bonds offers the New York mortgage broker bond for you both as a first time and renewal bond.
The $10,000 NY mortgage broker surety bond is a financial guarantee that a registered mortgage broker will abide by all rules and statutes governing their profession.
More specifically, the mortgage broker bond is a financial guarantee which protects others --- your customers --- from acts of fraud, theft, willful and criminal misconduct and malfeasance on the part of a mortgage broker in the performance of their duties as a licensee.
The existence of this surety bond allows those who can demonstrate financial harm to be able to file against the surety bond to recoup monies lost, up to the total of $10,000 aggregate.
For the mortgage broker, however, the bond is not a liability insurance policy. The mortgage broker will be legally obligated to reimburse the surety in full for all costs involved in paying a claim.
The majority of applicants for the mortgage broker surety bond will pay about $100 annually for this $10,000 surety bond.
Our agency will accept your application, ideally over the phone with one of our agents. The bond can be issued to you within a few hours in the majority of cases.
Applying with AmeriPro Surety Bonds is easy and the application process for this bond takes only a few minutes. A credit check may be involved in the application process.
Licensing for New York mortgage brokers can be completed via NMLS, which is the online licensing system for mortgage brokers throughout the United States.
Besides and before the mortgage broker surety bond, fees involved for licensing include:
Details about applying for the NY mortgage broker’s license can be found directly on the Department’s website.
AmeriPro Surety Bonds is a surety bonds only agency which provides guardian, probate, license and permit, and other surety bonds in New York and all 50 states. Please call us today at:
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