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Mortgage loan originator bond cost

SuretyBonds.com offers New York mortgage broker bonds (commonly referred to as mortgage loan originator bonds) for different costs depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our experts will work hard to get you the best price possible for your unique credit situation. The bond amount required will vary depending on the aggregate amount of New York loans originated. Please refer to the table for more information on pricing.

Why this bond

New York mortgage loan originator bonds assure that if consumers are wronged in the process of a mortgage transaction, they have a safeguard from unprofessional acts of business and can be compensated for any unjustified financial losses they may face. Unethical acts covered by this bond include, but are not limited to:

  • Defrauding or misleading borrowers and lenders
  • Obtaining property by fraud or misrepresentation
  • Failing to make disclosures required by State law, such as annual interest rate percentages
  • Advertising a product at a low price when it is not available for sale in order to entice customers to buy a more expensive product, otherwise known as “bait and switch” advertising
  • Collecting or charging any prohibited fees

If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount; however, the principal is responsible for reimbursing the surety for any money it pays out to consumers in a timely manner.

Mortgage loan originator bond details

New York mortgage broker surety bonds will remain continuous unless otherwise canceled by the surety or the principal. If either party decides to terminate the bond early, a written notice is required to be given to the obligee prior to cancellation. All mortgage loan originators must post a surety bond of the correct amount that covers all employed mortgage loan originators pursuant to the state laws and regulations.

Become a mortgage loan originator

It is against the law to conduct business as a mortgage loan originator or a mortgage broker without being licensed to do so in New York. To obtain a mortgage loan originator license, the applicant must do the following:

  • Post a surety bond
  • Submit fingerprints and satisfactory background check through NMLS
  • Furnish a pre-license educational certification through NMLS
  • Receive a score of 75% on the SAFE Mortgage Loan Originator Test
  • Furnish proof of financial responsibility, character and general fitness, including a satisfactory credit report

Apply for your surety bond

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Additional information