New York Mortgage Broker Bond

Instantly obtain a mortgage broker bond

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.

What is a New York mortgage broker bond?

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.

Who needs this bond?

Mortgage brokers, mortgage lenders, and mortgage loan originators are required by State of New York statutes to obtain a bond.

What is the amount of the 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 State of New York’s website.

What is the process to obtain the bond?

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!

What does the bond cost?

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.

Does it matter where I get the bond?

It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to obtain a 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.