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Home / How to Become a Mortgage Broker in Ny

How to Become a Mortgage Broker in Ny

Get Your Mortgage License in New York

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How-To Licensing Guide

In order to become a licensed Mortgage Loan Originator in the state of New York you'll need to complete the following steps:

Step 1

Request your personal NMLS account

The NMLS system is used to process MLO licensing requests for all 50 states, including New York. Creating an account is a simple process that only takes a few minutes to complete.

  1. Visit the NMLS online registration portal to request an NMLS account.
  2. Select the Individual option
  3. If prompted, complete the security captcha and click next
  4. Provide the required information and submit your application

Step 2

Complete Your New York NMLS Pre-License Education

To become a New York-licensed MLO you'll need to complete the required 20-hour NMLS S.A.F.E pre-licensing course, which must include 3 hours of New York content, along with any additional course work required by The New York Department of Financial Services (DFS).

NMLS SAFE Mortgage License Training - Required

All states require 20 hours of mortgage education from an NMLS approved mortgage school. If you are seeking a new mortgage license, be sure to enroll in the 20 hours SAFE course in addition to your state-specific education requirements.

Find New York New License Courses

Step 3

Pass the NMLS Mortgage Licensing Exam

Once you've completed your pre-license education, you'll need to schedule an appointment to take the National Test Component with Uniform State Content through your NMLS account.

Related Post: How to Take the NMLS Mortgage Loan Officer Exam

SAFE MLO National Test Component

The SAFE MLO exam covers federal mortgage related laws, ethics, Mortgage loan originator activities, and general mortgage knowledge. Effective 4/5/21, test details are as follows:

  • 120 questions (115 scored)
  • 190 minutes
  • Cost $110

Uniform State Content (UST)

The UST portion of the exam covers:

  • Regulatory authority, responsibilities and limitations
  • Definitions and documents
  • License law and regulation
  • Compliance
New York Department of Financial Services

NY requires at least 20 hours of pre-license education and meet one of the following three conditions:

  1. Passing results on both the National and New York State components of the SAFE Test, or
  2. Passing results on both the National and Stand-alone UST components of the SAFE Test, or
  3. Passing results on the National Test Component with Uniform State Content

Find New York Exam Prep

Step 4

Apply for your NMLS License

Once you completed the required pre-licensing courses and achieved passing scores on the National and any applicable state required tests, you will be able to apply for your mortgage loan originator license on the NMLS website.

To apply for your New York MLO license:

  • Login in to your NMLS account.
  • Select the filing tab on the top of the screen.
  • Select Individual if your applying as an individual.
  • Click Request New/Update.
    • If you're directly responsible for the paying the filing fees, click continue.
    • If you're already employed with a mortgage company, your employer may handle this step for you. These fees are not refundable. Check with your employer before you proceed.
  • Click Add to apply for your NY license.
  • Select the appropriate New York License and click Next.
  • Select the New York Mortgage Loan Originator License and click Next.
  • Verify that the information is correct and click Next.
  • Read the final page carefully before proceeding. If the information is correct click Finish.

Note: Your NMLS Identification Number must be included on every hard-copy document submitted to the Department of Financial Services.

You're now ready to finalize your application.

Apply For A License

Step 5

Background Checks, Credit Check, and Fees

The SAFE act established licensing and registration standards for all Mortgage Loan Originators. In order to receive your New York MLO certification, you'll need to provide the following information and pay the associated fees:

Request Fee Required
NMLS Processing $30 YES
FBI CBC $36.25 YES
NY State CBC - YES
Credit Report $15 YES
NY Application
This fee includes the $125 Investigation Fee & the $254 License Fee 		$379 YES
Fingerprints

Create a Fieldprint account and register for an appointment.

Criminal Background Check

Initiate a criminal background check through your NMLS account.

Credit Report

Authorize a credit report via your NMLS account.

Special Note on Employer Sponsorship - Change in Application Process

Until now, when a mortgage loan originator working in another state or for a federal bank wanted to move to a New York licensed mortgage banker or broker, that person couldn't apply for a license until after she got a new job, and was unable to work at that new job until her license was processed. DFS is changing its procedures to eliminate this delay. Individuals can now apply for an MLO license before being hired by a New York regulated entity. Once the Department is satisfied that the applicant has met all of the requirements to become an MLO other than affiliation with a New York regulated entity, the Department will send the applicant a sponsorship notification. The sponsorship notification will require the applicant to become affiliated with a New York regulated entity within 30 days of the date of such notification. More information available on the DFS Website. registration portal

Your success is our #1 priority

OnCourse Learning empowers aspiring mortgage loan originators and seasoned mortgage loan officers to take their learning experience to the next level. Get and maintain your NMLS license with:

  • NMLS-approved mortgage pre-licensing, continuing education and late CE courses
  • Exam prep tools to help you pass your NMLS license exam
  • Over 50 years of mortgage education experience
  • We've helped over 300,000 mortgage brokers begin and advance their careers.

How to get your mortgage license in new york and become a loan officer

"This was well organized, wonderfully set up to give you ample opportunities to practice the information given through exams, quizzes, discussion scenarios, and message board."

Gianna G.
Mortgage Customer

How to Become a Mortgage Broker in Ny

Source: https://www.oncourselearning.com/mortgage/new-york/mlo-career-guide