Anyone looking to become a mortgage broker in New York has to go through the Nationwide Mortgage Licensing System (NMLS) to receive their mortgage broker license, with the New York State Department of Financial Services regulating New York mortgage licensing.
New York does not require a physical office in the state in order to register as a mortgage broker, but a qualifying individual needs to have two years’ experience in the industry. There is no minimum net work required to receive this registration. Click here to learn more.
The State of New York also requires a $10,000 mortgage broker surety bond to be submitted in order to become a licensed mortgage broker on the State of New York.
Where can you instantly purchase mortgage broker bonds?
Colonial Surety 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!