Mortgage Bankers who wish to conduct business in the state of New York must register with the New York Department of Financial Services (NYDFS). An important step in the registration process is the submitting of a $50,000 surety bond to the NYDFS. The surety bond is mailed to the NYDFS and is not required to be submitted until the application has been approved. The department will not issue a license until the bond has been received and accepted. The name of the principal insured on the bond must match the exact full legal name listed on the application submitted. Once the application has been processed, the applicant will receive written notification of the approval or denial of their submission.
Applications for registration are handled by the Nationwide Mortgage Licensing System (NMLS), and additional information can be found on the NMLS website. Additionally, the following non-refundable fees must be paid upon submission of the application:
- $3,000 Investigation Fee
- $15 Credit report fee / per control person
- $100 NMLS Processing Fee
- $99 Fingerprint processing fee (paid outside NMLS)
Pacific Surety offers rates as low as $425 annually for well-qualified clients and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Mortgage Banker Surety Bonds – New York
$50,000Request a Free Quote