NY mortgage banker bonds.
0.6% of the bond amount, $100 minimum.
Every mortgage banker licensed under Banking Law § 591 files a corporate surety bond with the Superintendent of Financial Services — 3 NYCRR 410.8 sets it at no less than $50,000 and no more than $500,000, scaled to the aggregate New York loans you closed as reported on your annual Volume of Operations Report. Premium is 0.6% of the bond amount, $100 minimum, your exact price appears at the application, and the bond issues the moment you pay. Any credit screen is a soft pull only — it never affects your score.
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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 entire application.
Pay & e-sign
Your exact premium — 0.6% of the bond amount, $100 minimum — 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
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.
Other New York bonds.
Get your mortgage banker bond on file.
0.6% of the bond amount, $100 minimum, issued the moment you pay. Free until issued.