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How to Get an NMLS Mortgage License in New York
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Step 1 |
Step 2 |
Step 3 |
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Apply For Your New York NMLS Account and ID Number |
Complete Your New York NMLS Pre-License Education |
Need to Pass the SAFE MLO National Test |
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The first step to obtaining your New York mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website. |
Once you’ve created your NMLS account, it’s time to complete your pre-license education. New York requires the 20-hour (17 hours & 3 hour elective) SAFE pre-licensure education course. |
With your education complete, you need to schedule an appointment for the National Test Component exam. Find out more on how to take your NMLS test here. Also check out the NMLS MLO testing handbook. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Pay All Fees |
Apply for Your New York Mortgage License |
Associate Your NMLS Account with Your Employer |
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To finalize your application and receive your license, you will need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check here. |
After receiving a passing score on your NMLS mortgage exam, you need to apply for your New York mortgage loan originator license. You can find more information on this step here. |
You won’t be fully licensed in New York until you have employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here. |
Getting Your New York Mortgage License and Starting Your Career
Your mortgage origination career in New York will keep you learning constantly. It will stimulate your mind and help you meet interesting people. At the same time, the licensing process can be challenging.
With the support of Mortgage Educators, you will be able to qualify for your New York mortgage loan originator license in less time and with less stress. Still, if you want to succeed, you’ll need to be committed. First, you have to complete 20 hours of instruction. Then it’s time to focus and practice for your exam so that, when you take it, you’ll pass it. Finally, you need the passion and people-skills to help borrowers throughout the loan buying process.
New York Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
Three elective hours must cover New York specific regulations and laws. Mortgage Educators includes all of this bundled together, making it easy to keep track of your educational progress.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 9 Hours |
| New York Specific Law | 3 Hours |
| Total 20 Hours | |
Although it hasn't been enacted, be on the look out for the PE expiration policy coming soon. It states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Learning how to become a mortgage loan officer in New York takes time and money. There are several steps you must take in registering and applying. The SAFE act has established licensing and registration standards for every Mortgage Loan Originator. If you’re looking to get your New York MLO certification, you will have to do the following and pay all associated fees:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| New York Application Fee | $379 (Includes $125 Investigation Fee & $254 License Fee) |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| National Exam | $110 |
On an annual basis, New York MLO license holders must complete 11 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Elective | 1 Hour |
| New York Electives | 3 Hours |
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your New York mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at [email protected].
