How to Get New York Mortgage Loan Originator Prelicensing Education Requirements

New applicants as a MLO licensee are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, 9 hours of undefined education (referred to as electives) + 3 hours of NY law.  Number of hours is 3/3/2/9/+ 3hrs of NY law = 20 New York has a requirement for 3 hours of instruction on state-specific law which may be satisfied by either taking a NY state-specific NMLS approved elective course. Start by getting your 20 hour course and passing the national component exam, THEN do state specific training after passing the exam, click here to start!

Note: New York Jurisdiction specific education taken as part of Pre-licensure education (PE), cannot be older than three (3) years from the date ofapplication. The Department reserves the right to verify that PE course work taken by applicants complied with the requirements of 3 NYCRR 420.11 Click here to get your New York MLO 3 Hour PE Course

New York Mortgage Loan Originator Continuing Education Requirements

Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year).  Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, 1 hour of elective, plus 3 hours of NY-specific education. Number of hours is 3/2/2/1 + 3hr of NY law =11 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. Click here to get NY 11 Hour CE

Deadline

The deadline to complete CE is December 31, 2022.  However, MLOs in New York are prohibited from submitting an application to renew their license if they have not completed CE.  Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.

Group pricing, coupon codes and customized NMLS training programs, just ask!

How to get a New York MLO License NMLS Checklist https://nationwidelicensingsystem.org/slr/PublishedStateDocuments/NY-MLO-New-Application-Checklist.pdf

How to get a New York Mortgage Banker License NMLS Checklist https://nationwidelicensingsystem.org/slr/PublishedStateDocuments/NY-Mortgage-Banker-New-Application-Checklist.pdf

How to get a New York Mortgage Broker License NMLS Checklist https://nationwidelicensingsystem.org/slr/PublishedStateDocuments/NY-Mortgage-Broker-New-Application-Checklist.pdf

How to get a New York Reverse Mortgage Lending License NMLS Checklist https://nationwidelicensingsystem.org/slr/PublishedStateDocuments/Reverse_Mortgage_(HECM)_Lending_Authority-Company-New_App-Checklist.pdf

Who has to get a NY MLO license? 

Pursuant to Section 599-b(7) of Article 12-E, “Mortgage Loan Originator” (“MLO”) means an individual who for compensation or gain or in the expectation of compensation or gain:

•Takes a residential mortgage loan application; or

•Offers or negotiates terms of a residential mortgage loan

All Independent Contractor Processors and Independent Contractor Underwriters must obtain an MLO License in order to facilitate processing or underwriting activities for 1-4 family residential property located in New York.

Section 599-b(8) of Article 12-E defines “Residential Mortgage Loan” as a loan to a natural person made primarily for personal, family or household use, secured by either a mortgage, deed of trust or other equivalent

consensual security interest on a dwelling (as defined in section 1203(v) of the Truth in Lending Act) or residential real property or any certificate of stock or other evidence of ownership in, and proprietary lease

from, a corporation or partnership formed for the purpose of cooperative ownership of residential real property and shall include any refinance or modification of any such existing loan.

Pursuant to the provisions of the federal banking agencies final rule issued on July 28, 2010, implementing the SAFE Act, employees of Credit Union Service Organizations (CUSOs) that engage in mortgage loan origination

activities must submit an application for licensing under Article 12-E. Also, MLOs of non-federally insured credit unions, whose states have not executed a supervisory agreement with the NCUA, must submit an application for

licensing under Article 12-E. New York Department of Financial Services (“the Department”) issues paper licenses for this license type.

How much does a NY MLO License Cost? 

$460.25 total as of 2022 including:

NMLS Initial Processing Fee: $30

NY Application Fee: $379 This fee includes the $125 Investigation Fee & the $254 License Fee

Credit Report: $15

FBI Criminal Background Check: $36.25

New York Mortgage Regulator Agency Contact Information

Contact New York State Department of Financial Services licensing staff via email to MLO@dfs.ny.gov for additional assistance.

For U.S. Postal Service & Overnight Delivery:

New York State Department of Financial Services

Attention: Mortgage Banking – MLO Application

Processing Unit

One State Street

New York, NY 10004

Phone: (212) 480-6400