Who requires it
New York State Department of Financial Services — Mortgage brokers
License & permit · New York
New York Mortgage Broker Bond
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.
Common bond amount
$10,000–$100,000
Tiered by New York application count on the annual VOOR; superintendent may require double after misconduct patterns.
How you file
File through NMLS; surety bond or permitted deposit
Renewal
Maintain while actively registered; adjust within 30 days after VOOR
Who requires it
Mortgage brokers registered under Banking Law Article 12-D / § 591-a. Entities that fund loans as mortgage bankers need the separate banker surety under § 410.8 instead of—or in addition to—this broker instrument. Individual mortgage loan originators follow Part 420 person-level bonding, not this company guide.
How much is required
The annual VOOR application count sets the required principal: $10,000 for 0–24 New York applications; $25,000 for 25–99; $50,000 for 100–299; $75,000 for 300–599; and $100,000 for 600 or more. Adjust the bond within thirty days after filing the VOOR that moves you into a new tier. Mid-year sworn statements can annualize first-half volume when that would change the required face.
How to get and file it
Order a DFS-acceptable mortgage broker surety bond from an insurer authorized in New York, complete the department’s broker bond form in the registered name, and file it through the NMLS / DFS mortgage path the guidebook and checklist require. Maintain the bond for the entire active registration. Inactive brokers under § 410.17 need not keep a bond, but reactivation requires proof of surety or deposit before DFS restores active status. Expect to increase the amount promptly when VOOR volume crosses a tier boundary.
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
- 0–24 applications
- $10,000 surety bond
- 25–99 applications
- $25,000 surety bond
- 100–299 / 300–599 / 600+
- $50,000 / $75,000 / $100,000 respectively
- Issuer
- Bonding or insurance company authorized to do business in New York
Official sources
Related resources
Frequently asked questions
Can a mortgage broker use the mortgage banker bond instead?
No. Broker registration and banker licensing are separate DFS authorities with different schedules. Dual operators need each instrument sized to its own VOOR metric.
What if my application volume drops after I buy a higher amount?
Section 410.14 ties the required amount to the VOOR. When a later report places you in a lower tier, work with DFS and your surety on an updated bond or replacement that matches the new required amount.
Related New York bond guides
Mortgage Banker Bond
$50,000–$500,000
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.
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
New York will be preselected. Choose your bond type in the application—we confirm the correct product against your agency form before anything is issued.
Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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