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Industry Letters

Increased Bond Requirement Effective July 1, 2004


June 8, 2004  

To the Institution Addressed:


I would like to take this opportunity to remind you that increased bond requirements become effective July 1, 2004.  A pledged deposit may be utilized in lieu of a bond.  These new requirements are set forth in Part 410 of the Superintendent’s Regulations and may be found on the Department’s web site under Selected Regulations.  If you have not already obtained or arranged for a bond or pledged deposit in the appropriate amount, you should treat this as an urgent matter.

For mortgage bankers, the amounts are as follows:

Aggregate $ Amount of NY Loans Closed 

Required Amount of Surety Bond   

$300,000,000+  $500,000 
$200,000,000 - $299,999,999 $350,000
$100,000,000 - $199,999,999 $250,000
$  30,000,000 - $  99,999,999 $150,000
$ 10,000,000  - $  29,999,999 $100,000
$                 0  - $    9,999,999 $  50,000 

For Mortgage brokers, the amounts are as follows:

Number of New York Applications

Required Amount of Surety Bond

600+   $100,000
300 - 599 $  75,000
100-  299  $  50,000
25 –  99  $  25,000
0  -  24  $  10,000

Should you have any questions, please contact me at 212 709-5540. 

Very truly yours,

Kenneth Bielemeier
Deputy Superintendent of Banks

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