New York Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of New York are regulated by the State of New York Banking Department. This is a tougher state to get licensed in only due to the large amount of requirements set in place. Foreign (out of state) companies may have a little difficulty getting licensed in New York. They need to obtain permission from the secretary of state prior to submitting an application for licensure. New York has been converted to the Nationwide Mortgage Licensing System (NMLS). This is the only way they will accept applications.

New York has many requirements in order to become licensed as a Mortgage Broker or Mortgage Banker. They have a Surety bond requirement of $10,000 up to $100,000 depending on the number of loans that will be handled annually. This may adjust from year to year. They also require a credit report no more than 30 days old when the application is accepted. This just the beginning of the extensive background checks including full fingerprinting that the applicant must have done.

Bad Credit New York Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

New York License Requirements

Age: 18

State Residency: None Required

Experience: 2 years

Education: None required

Continuing Education: None required

Net Worth: Owner must submit a Personal Financial Statement if they have 10% or more share

Surety Bond: $10,000 to $100,000

Free Surety Bond Quote

Background Check: Criminal, Fingerprint, and Credit

New York State Licensing Fees

Initial Application: $1,500 + $94.25 for fingerprinting

Branch Location: $500

Branch Offices:

In State Requirements: No physical office required

Licensure Requirements: Must be a licensed Broker at office

Exemptions:

Entities: Bank, Trust Company, Savings and Loan Company, Credit Union, Real Estate Investment Trusts, Attorney, Person acting under the court.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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