Industry Letter

February 2, 2004

To the Registered Mortgage Broker addressed:

Re: Revised Bond Form and Deposit Agreement

Due to the recent changes and additional language in Part 410 the Department has had to revise the bond form and deposit agreement. The enclosed bond form and deposit agreement reflect the current changes. Please use this form for obtaining the increased surety bond which must be in place by July 1, 2004.

Once you obtain the new surety bond please submit it to:

New York State Banking Department
Mortgage Banking Division
Special Projects Unit
1 State Street
New York, NY 10004

If you have any questions please contact Senior Bank Examiner Mian Ahmed at 212 709-5568 or Supervising Bank Examiner Timothy Pang at 212 709-5542.

Very truly yours,

Kenneth Bielemeier
Deputy Superintendent of Banks