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Get Your Mortgage Loan Originator License in 2021!

 

 

New York Education Bundle

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Starting at: $399 Now Only $269!

Use Promo Code: NYPEDEAL

 

 

Licensed in another state and want to add New York?

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Now Only $59!

Use Promo Code: NYPE59

 

 

 

How to Get Your Mortgage License in New York

 

 

Step 1

     

Step 2

     

Step 3

 
 

Apply For Your NMLS Account and ID Number

     

Complete Your NMLS Pre-License Education

     

Need to Pass the SAFE MLO National Test

 
 

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.

 
 

Step 4

     

Step 5

     

Step 6

 
 

Complete Background Checks and Pay All Fees

     

Apply for Your New York Mortgage License

     

Associate Your NMLS Account with Your Employer

 
 

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 an 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 Mortgage License Education Requirements

 

The 20 required education hours are divided into these areas:

 

- 3 hours on ethics, consumer protection, fraud, and fair lending

- 2 hours on non-traditional mortgages

- 3 hours on federal regulations

- 9 hours of general elective instruction

 

Three of the 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.

 

 

What's the Difference Between a New York Mortgage Broker License and a New York Loan Officer License?

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.

 

 

Cost of Getting Your Mortgage License in New York

 

You’ll need to pay the following fees to get your New York license:

 

- Initial Processing Fee (NMLS): $30

- Credit Report: $15

- Criminal Background Check (FBI): $36.25

- Fingerprint Fee (IdentoGo): $99.00

- Application Fee (NY State): $379 (which includes a $125 Investigation Fee and $254 License Fee)

 

 

PE Expiration Policy in New York

This policy is not yet enforced in New York, but it may be soon and is common in many states. What it means is that if you complete the required preliminary education but then do not obtain your license for a 3-year period, you’ll need to repeat that coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.

 

New York Continuing Education Requirements

Each year, you will need to complete continuing education to renew your mortgage license in New York. This will include 8 hours of general NMLS-required education (3 hours for federal law, 2 hours for ethics, 2 hours for non-standard loans, and 1 hour for other topics) and 3 hours of New York electives, making a total of 11 hours.

 

On top of that, you need to complete a new credit report and background check between October and the end of the year. Additionally, you must apply for a renewal and pay a renewal fee of $254, plus a processing fee of $30. These fees are subject to change each year. Have everything completed before December 31st. Remember, without a license, you cannot legally originate loans in New York.

 

 

Begin Your New York Courses Today

You can take your required education courses every year from Mortgage Educators. Buy your continuing education courses or pre-license education bundle to take care of all your coursework in one simple step.

 

 

 

Additional Questions?

Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your New York mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.

 

 

 

 

New York Mortgage Education Pre-Licensing