Mortgage brokers 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 $10,000 surety bond to the NYDFS. This surety bond is mailed to the NYDFS and is not required to be submitted until the application has been approved, but the department will not issue a registration until the bond has been received and accepted.
Applications for registration are handled by the Nationwide Mortgage Licensing System (NMLS) and additional information can be found on the NMLS website. Registration costs are $1,600, including the NMLS processing fee, and a $15 fee for each control person for the credit report needed. There is also a $99 fee per each control person for the fingerprint processing that is collected by the NYDFS. Any fees collected through the NMLS are not refundable.
Pacific Surety offers industry low rates 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.