The State 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.

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.