Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of New York or anyone looking to become a mortgage broker in New York.
The
State of New York Banking Department, supervises and regulates all Mortgage Brokers working within the State. New regulations regarding Mortgage Brokers became effective on January 1, 2004.
Applicants desiring to
become a Mortgage Broker in New York pay a $500 application fee. They also submit a Surety Bond ranging in amount between $10,000 and $100,000 depending on the number of loans being handled. The amount is re-determined twice a year. A Fingerprint Fee of $99 is included with the application.
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, all employers, and from 3 lenders.
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),
www.nyamb.org, was created in 1986 and is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. 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.
We also offer information and resources for New York Commercial Mortgage