In order to become a licensed Mortgage Loan Originator in the state of New York you’ll need to complete the following steps:
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.
- Visit the NMLS online registration portal to request an NMLS account.
- Select the Individual option
- If prompted, complete the security captcha and click next
- Provide the required information and submit your application
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.
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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
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
New York Department of Financial Services
NY requires at least 20 hours of pre-license education and meet one of the following three conditions:
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- Passing results on both the National and New York State components of the SAFE Test, or
- Passing results on both the National and Stand-alone UST components of the SAFE Test, or
- Passing results on the National Test Component with Uniform State Content
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
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:
|NY State CBC
This fee includes the $125 Investigation Fee & the $254 License Fee
Create a Fieldprint account and register for an appointment.
Criminal Background Check
Initiate a criminal background check through your NMLS account.
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
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loan officers to take their learning experience to the next level. Get and maintain your NMLS
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- Over 50 years of mortgage education experience
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