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NY MLO Education Requirements NMLS Approved

 

Get Your Mortgage Loan Originator License in 2020!

 

 

New York Education Bundle

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Starting at: $399 Now Only $269!

Use Promo Code: NYPEDEAL

 

 

Add New York Elective

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Now Only $59!

Use Promo Code: NYPE59

 

 

 

Obtaining your New York mortgage license is the first step towards a fulfilling career as a mortgage loan officer in the amazing state of New York! Mortgage Educators is your full-service mortgage education partner, providing everything you’ll need to obtain and renew your loan officer license. Whether you are just entering the mortgage loan industry, or you are already licensed in another state, we have a mortgage education course bundle customized for your needs. The 20-hour course bundle shown below is intended for brand new loan officers, and will satisfy both national and state-level education requirements. The 3-hour course bundle is intended for existing loan officers new to New York, and will only satisfy the state’s laws and rules education requirements.

 

How to Get Your MLO Mortgage License in New York

 

1. Apply for your NMLS Account and ID Number

The first step to getting your New York mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website.

 

2. Complete your NMLS Pre-License Education

New York requires new state-licensed MLOs 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, and 3 hours of New York law.

 

3. Pass the NMLS Mortgage Licensing Exam

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 exam here.

 

4. Apply for your New York Mortgage License

After receiving a passing score on your NMLS mortgage exam, you need to apply for your NMLS license. You can learn more about this step here.

 

5. Complete Background Checks and Pay All Fees

To finalize your application and receive your license, you’ll need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check and fingerprints here.

 

6. Associate your NMLS Account with your Employer

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.

 

Frequently Asked Questions

 

Why Should I Get My New York Mortgage License?

A career as a mortgage loan officer in New York’s fast-moving housing market can be exciting, fulfilling, and challenging. Many loan officers love the flexibility and daily changes that come with a career in loan origination. However, it’s not for everyone. To be successful as a loan officer, it takes perseverance, strong networking skills, and the constant desire to learn. If these sound like qualities of yours, welcome to your new career as a New York loan officer!

 

New York Mortgage Licensing Requirements

Each state has its own unique requirements when it comes to mortgage licensing. To obtain your mortgage license in New York, you’ll need to complete 20 hours of nationally required mortgage education, in addition to 3 hours of New York laws and rules education. After securing your New York loan originator license, you will need to complete regular continuing education courses to keep your license valid. We are your one-stop source for mortgage education resources, offering all of the new license and continuing education courses necessary.

 

Pre-license mortgage education requirements can be fulfilled in one of three ways; with an online instructor-led course, via a live webinar, or in a live classroom. We find that the majority of new loan officers elect for the flexible online course bundle, which consists of pre-recorded video lectures supported by slideshow presentations, and quizzes that ensure content retention. As you complete your mortgage education, we will report all completed hours of education to the NMLS.

 

New York Mortgage Broker License VS. New York Loan Officer License

Oftentimes, individuals pursuing a career as a loan officer are directed to start with a New York mortgage broker license. While the terms “mortgage broker”, “loan officer” and “loan originator” are similar they are not synonymous. So what’s the difference, and which license do you need? Simply put, mortgage loan originators (“loan officers” for short) are employed by a mortgage broker. The loan officer license shown above will certify you to provide mortgage loans to new home buyers.

 

PE Expiration in New York

PE Expiration is a policy that was created by the NMLS Policy Committee that addresses situations in which an individual is required to retake 20 hours of pre-licensure education if they fail to acquire a valid mortgage license within three years from the last date of licensure as a mortgage loan originator. New York is currently in pending enactment for the PE Expiration policy which means the policy is currently not enforced, but it will be rolled out soon.

 

Cost of Getting Your License in New York

When you’re ready to get your NMLS license in New York, be prepared to pay the following fees:

 

$379 - Application Fee

$30 - NMLS Processing Fee

$15 - Credit Report

$36.25 - Background Check

 

 

 

 

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