of New York Banking Department, supervises and regulates all Mortgage Brokers working
within the State. Offices are located in New York City.
All New York mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to New York-required content. Continuing Education
Requirements include at least eight hours of NMLS approved instruction.
The licensing fee for NMLS for Loan
Originators is $319, and the fee for Mortgage
Broker is $1,500. Click on the link in the preceding sentence for more details
about each license.
Applicants looking to become a Mortgage Broker in New York must submit a Surety Bond in
the amount of $10,000.
Applicants also need to provide a notarized statement containing all experience that
qualifies them to be licensed, plus recent original Credit Reports. References with
complete addresses need to be provided from all professional and personal references. Submit a list of the three most utilized lenders you are using or
intend to use in originating loans.
If the Mortgage Broker plans on conducting business with a web site, full information
needs to be furnished to the Department of Banking.
The New York Association of Mortgage Brokers (NYAMB),
was created in 1986 and is an affiliate of the National
Association of Mortgage Brokers (NAMB). These organizations provide excellent real
estate mortgage loan resources for those who want to obtain a Mortgage Broker License in
New York and those already licensed.