New York mortgage banker bonds.
From $300.
Every licensed New York mortgage banker files a corporate surety bond with the Superintendent of Financial Services. Under 3 NYCRR 410.8 the bond is no less than $50,000 and no more than $500,000, scaled to the New York loans you close each year. The premium is 0.6% of the bond amount.
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How much does a New York mortgage banker bond cost?
0.6% of the bond amount, from $300 at the $50,000 minimum. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
The mortgage banker bond is a filing, not an underwriting project. Here is the entire process:
Apply online
Company details, your county, the bond amount your volume tier requires, and an effective date. That is the application.
Pay & e-sign
Your exact premium — 0.6% of the bond amount — appears before you pay, and the executed bond generates the moment you do.
File with DFS
Your executed bond and power of attorney arrive by email, ready to file with the Superintendent for your mortgage banker license. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
New York licenses mortgage bankers under Article 12-D of the Banking Law. Section 410.8 of the Superintendent’s Regulations requires every mortgage banker licensed pursuant to Banking Law § 591 to file a corporate surety bond with the Superintendent, in a principal amount of not less than $50,000 and not more than $500,000 based on its volume of business — issued by a bonding or insurance company authorized to do business in this state.
It's a three-party arrangement: you (the principal), the surety carrier, and the Superintendent of Financial Services (the obligee), with New York borrowers as the protected parties. The bond backs your compliance with Article 12-D and the Superintendent’s Regulations — the conduct, disclosure, and fee rules that govern making residential mortgage loans in this state.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond amount is redetermined from the information in your annual Volume of Operations Report, so it steps up as your New York closings grow; we track the term and send renewal notices 60 and 30 days out.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with DFS. Your executed bond and power of attorney arrive by email, ready to file with the Superintendent for your mortgage banker license. Wet-ink original mailed on request.
What sets the price
The premium is 0.6% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — company details, your county, the bond amount, and an effective date.
Start the application →Common questions.
New York mortgage license bonds.
We write 6 mortgage license bonds in New York. Each license has its own bond, amount and price; pick the one your license calls for.
| License bond | Required by | Bond amount | Price |
|---|---|---|---|
| Mortgage Broker Bond | 3 NYCRR 410.14 (Banking Law § 591-a) | Varies | From $100 |
| Exempt Mortgage Loan Servicer Bond ($250,000) | 3 NYCRR 418.2(e) · 418.12 | $250,000 | $1,500 |
| Mortgage Banker Bond (this page) | 3 NYCRR 410.8 (Banking Law § 591) | $50,000 or more | From $300 |
| Mortgage Loan Originator Bond (Individual) | Banking Law § 599-k · 3 NYCRR 420.15 | Varies | From $100 |
| Mortgage Loan Originator Bond (Originating Entity) | Banking Law § 599-k · 3 NYCRR 420.15 | Varies | From $100 |
| Mortgage Loan Servicer Bond ($250,000) | 3 NYCRR 418.12 | $250,000 | $1,500 |
Other New York bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Get your mortgage banker bond on file.
0.6% of the bond amount, issued the moment you pay. Free until issued.