New York Mortgage Loan Originator Bond
NFP Surety provides the individual New York Mortgage Loan Originator Bond at an affordable rate. Following is more information about the surety bond requirement and a list of the bond amount required:
- Less than $1 million = $10,000
- $1 million to $7,499,999 = $15,000
- $7.5 million to $14,999,999 = $25,000
- $15 million to $29,999,999 = $50,000
- $30 million to $49,999,999 = $75,000
- $50 million or more = $100,000
Who is required to have this license:
Pursuant to Article 12-E, Section 599-b.1, “Mortgage Loan Originator” (“MLO”) means any person employed by or affiliated with an originating entity, who engages in mortgage loan originating irrespective of how such person is compensated by such originating entity, or any natural person who as an originating entity, or any substantial stockholder of an originating entity, engages in mortgage loan originating on residential property; provided that “affiliated with an originating entity” shall mean any person who is an independent contractor and is compensated by such originating entity in whole or in part, either directly or indirectly.
Article 12-E, Section 599-b.2 defines “Mortgage loan originating” as providing services to a customer of an originating entity in accordance with 590(1) (c) or 590(1) (d) of Banking Law by soliciting, negotiating, explaining or finalizing the terms of a mortgage loan; provided, however, that the term “soliciting” shall mean the discussion of a mortgage loan product or products with a customer or potential customer but shall not be deemed to mean the taking of customer information or the referral of a customer or the customer’s information to a person who engages in mortgage loan originating.
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