Who requires it
New York State Department of Financial Services — Mortgage bankers
License & permit · New York
New York Mortgage Banker Bond
Licensed New York mortgage bankers must maintain a surety bond or permitted pledged deposit with the Department of Financial Services. Section 410.8 of Title 3 of the NYCRR sets the amount between fifty thousand and five hundred thousand dollars using the aggregate dollar amount of New York loans closed on the annual Volume of Operations Report.
Common bond amount
$50,000–$500,000
Tiered by aggregate New York loans closed on the annual VOOR; superintendent may require double after misconduct patterns.
How you file
File through NMLS; surety bond or pledged deposit
Renewal
Maintain while licensed; adjust within 30 days after VOOR
Who requires it
Mortgage bankers licensed under Banking Law Article 12-B / § 591. Broker-only registrants use the § 410.14 schedule instead. Bankers also meet separate net-worth and credit-line standards in § 410.1; those financial tests are not substitutes for the surety.
How much is required
Aggregate New York loans closed on the VOOR map to: $50,000 for $0–$9,999,999; $100,000 for $10,000,000–$29,999,999; $150,000 for $30,000,000–$99,999,999; $250,000 for $100,000,000–$199,999,999; $350,000 for $200,000,000–$299,999,999; and $500,000 for $300,000,000 or more. Adjust within thirty days after filing a VOOR that changes the tier. Mid-year sworn statements may annualize first-half closings when that would change the required face.
How to get and file it
Complete the DFS mortgage banker surety bond form with an authorized New York surety—or arrange a pledged deposit the superintendent accepts—and file it through the NMLS / DFS mortgage banker licensing path. Keep the bond or deposit in force for the license term. When closed-loan volume moves you into a higher band, increase the amount within thirty days after the VOOR. Banking Law § 591 also allows the superintendent to require twice the ordinary amount after a pattern of bona fide consumer misconduct complaints.
Cost note
The scheduled figure is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Under $10M closed
- $50,000 surety or deposit
- $10M–$29.9M / $30M–$99.9M
- $100,000 / $150,000
- $100M–$199.9M / $200M–$299.9M / $300M+
- $250,000 / $350,000 / $500,000
- Companion financial tests
- § 410.1 net-worth and credit-line minima remain separate from the bond
Official sources
Related resources
Frequently asked questions
Is the $1,000,000 credit line a substitute for the surety bond?
No. Section 410.1 requires both a qualifying credit facility and the § 410.8 surety or deposit. Meeting the credit-line test does not remove the bonding condition.
Do I need a broker bond if I am already a licensed banker?
Only if you also hold an active mortgage broker registration. Each authority has its own surety schedule; dual licenses need both faces.
Related New York bond guides
Mortgage Broker Bond
$10,000–$100,000
Registered New York mortgage brokers must keep a surety bond on file with the Department of Financial Services while the registration is active. Section 410.14 of Title 3 of the NYCRR sizes the amount from ten thousand to one hundred thousand dollars using the number of New York applications reported on the annual Volume of Operations Report.
Money Transmitter Bond
$500,000+
New York money-transmitter licensees must file surety bonds with the superintendent under Banking Law Article 13-B. Part 406.13 sets a minimum five-hundred-thousand-dollar bond protecting purchasers and holders of New York instruments, and a separate minimum seven-hundred-fifty-thousand-dollar bond when the licensee also sells New York traveler’s checks.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a New York application
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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