New York Mortgage Banker Bond
Overview
New York scales its mortgage banker bond to the size of your book: under the Superintendent's regulations implementing Article 12-D of the Banking Law (Part 410.14 of the Superintendent's Regulations), every licensed mortgage banker files a surety bond with the Department of Financial Services, with the required amount running from $50,000 up to $500,000 depending on the number of New York mortgage loan applications the banker takes. DFS publishes its own required bond form, and the bond must name the Superintendent as obligee for the benefit of harmed consumers.
Who Needs This Bond?
Entities licensed as mortgage bankers under Article 12-D of the New York Banking Law — companies that make residential mortgage loans in New York using their own funds or credit lines — file this bond with DFS. That includes new license applicants, existing licensees whose bond amount changes with origination volume, and multistate lenders adding a New York license through NMLS. Registered mortgage brokers and individual MLOs fall under separate DFS requirements; this bond belongs to the banker license.
What is this Bond For?
The bond secures the mortgage banker's faithful performance of its obligations under New York's mortgage banking laws and regulations. If the licensee's violations — improper origination practices, mishandled consumer funds, failures to perform legal duties — cause covered losses, the Superintendent can access the bond for the benefit of harmed consumers up to its penal sum. The bond is a regulatory guarantee running to the state, not insurance protecting the banker, and the licensee must make the surety whole for any claim paid.
When is it Required?
Proof of the bond is part of the initial license application, and the obligation is continuous: DFS expects the bond in force without lapse for as long as the license is active, verified through NMLS at renewal. Because Part 410.14 of the Superintendent's Regulations ties the amount to New York application volume, your required figure can step up as your annual volume report grows — a bond adequate at licensure may need to be increased at renewal. Treat volume thresholds as compliance triggers, not suggestions.
Where Does it Apply?
The bond covers licensed mortgage banking activity across New York State and is administered by the Department of Financial Services, with filings maintained through NMLS on the DFS-prescribed bond form naming the Superintendent as obligee. It answers only for New York activity — companies lending in multiple states carry a separate bond for each regulator, each on that state's form and amount schedule.
How to Buy Online
Open the secure surety portal with 'Buy This Bond Online', enter your required amount from the DFS volume schedule, complete the application, and pay in one session. The executed bond on the DFS form comes back ready for your NMLS filing.
Why Bond Titan?
The volume-based amounts on this page are cited to the DFS's own surety bond guidance and regulation in the Official Sources section below, so you can confirm your tier before purchase. Bond Titan is powered by The Southern Agency, a licensed surety agency, and the online flow is timed for DFS and NMLS deadlines.
Official Sources
The requirements described on this page are verified against the official sources below.
- Surety bond required of licensed mortgage bankers in amounts from $50,000 to $500,000 depending on the number of loan applications, per Part 410.14 of the Superintendent's Regulations: NY DFS — Mortgage Banker Guidebook (verified July 16, 2026)
- DFS official mortgage banker bond form naming the Superintendent as obligee: NY DFS Mortgage Banker Bond Form (verified July 16, 2026)