New York Mortgage License Requirements
Application Requirements to become licensed in New York:
| Description | Requirement |
|---|---|
| Temporary Authority to Operate Eligible | Yes |
| Application Fee | $425.00 |
| License Registration Fee | $0.00 |
| NMLS Processing Fee | $35.00 |
| Sponsorship Fee* | $0.00 |
| Credit Report Required | $15.00 |
| Criminal Background Check Required | $36.25 |
| Testing Required | Yes, passing score of 75% or higher |
| SAFE MLO Test Cost | $110.00 |
| Work Remote Allowed | No |
*Note: A sponsorship request must be submitted by your employer. New York Banking Law requires all applicants for a Mortgage Loan Originator License to be affiliated through an employment or independent contractor relationship with a New York regulated entity.
Please see the NMLS Checklist for additional details.
New York NMLS Pre-License Education Requirements:
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:
3 hours of federal law
3 hours of ethics
2 hours of non-traditional mortgage lending
9 hours of electives
3 hours of New York state-specific education
New York Jurisdiction specific education taken as part of Pre-licensure education (PE), cannot be older than three (3) years from the date of application.
New York Continuing Education Requirements:
State-licensed MLOs are required to complete 11 hours of NMLS-approved education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:
3 hours of federal law
2 hours of ethics
2 hours of non-traditional mortgage lending
1 hour of electives
3 hours of New York state-specific education
Note: NY-DFI will not accept any hours of other state-specific education to count towards the 1 hour of elective. MLOs are advised to complete either an 11 hour NY Comprehensive course or an 8 hour Comprehensive course and a 3 hour NY elective course.
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.
New York State Department of Financial Services Contact Info:
Phone: 800-342-3736
Email: MLO@dfs.ny.gov
Website: www.dfs.ny.gov
