All registered mortgage brokers operating in the State of New York are required to obtain a mortgage broker bond in order to legally conduct business within the state.
Colonial Surety is authorized by the Nationwide Multistate Licensing System & Registry (NMLS) to write electronic mortgage broker bonds. If you are not registered with the NMLS, please visit the NMLS website.
A mortgage broker bond is required by the State of New York as a prerequisite for any licensed mortgage broker to legally conduct business. The bond guarantees that the mortgage broker will operate in accordance with the applicable government rules and regulations.
Registered mortgage brokers are required by State of New York statutes to obtain a bond.
New York requires an original mortgage broker bond in the amount of $10,000 provided by a surety company authorized to conduct business in New York. The name of the principal insured on the bond must exactly match the full legal name of the applicant as authorized by the Secretary of the State of New York. Applicants unable to obtain a surety bond are able to execute a Deposit Agreement approved by the Superintendent of Financial Services of the State of New York. For more information on New York’s mortgage broker requirements, visit the NMLS website.
Colonial offers the direct and digital way to obtain a mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple!
A mortgage broker bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the State of New York.
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to obtain a New York mortgage broker bond when you deal directly with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best that has been incorporated since 1930. We are NMLS approved, Treasury listed, and licensed and admitted in all U.S. states and territories.