New York Mortgage Broker Bond
All mortgage brokers registered by the Department must maintain a corporate surety bond with the Department during the period registration is active. The principal amount of such bond is based on the volume of applications as reported on the annual Volume of Operations Report (VOOR) each calendar year. See the table below to determine your annual premium:
| Number of NY Applications | Bond Amount | Annual Premium |
| 0-24 | $10,000 | $100 |
| 25-99 | $25,000 | $150 |
| 100-299 | $50,000 | $300 |
| 300-599 | $75,000 | $450 |
| Exceeds 600 | $100,000 | $600 |
Overview
New York mortgage brokers are required to post a bond amount within the range of $10,000 to $100,000. The NNA has secured premiums of $6 per $1,000 in liability for all New York mortgage brokers to obtain this bond without a credit check.
Required by the Department of Financial Services, this bond is a financial guarantee that mortgage brokers in New York will adhere to state regulations and ethical standards and fulfill their obligations to clients and authorities.