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For assistance with mortgage licensing, contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
steven@imlicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
New York Mortgage Licensing
Mortgage Banker
Mortgage Banker License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $250,000 (Audited)
Surety Bond: $50,000
State Initial Fee: $3,000
Branch Licensing: Yes
Loan Originator Licensing: Yes
Experience/Education: 5 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage origination activities. Such person must have five years verifiable experience in the business of making or underwriting of residential mortgage loans or similar lending and credit evaluation experience and be actively engage in the operations of the lender.
Comment: Must have a $1,000,000 warehouse line of credit on New York's approved Warehouse Line List, Must have at least 3 executive officers.
Mortgage Broker
Mortgage Broker License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth:$ None
Surety Bond: $10,000
State Initial Fee: $1,500
Branch Licensing: Yes
Loan Originator Licensing: Yes
Experience/Education: 2 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage loan servicing activities. Such person must have five years verifiable experience in the business of servicing mortgage loans or similar servicing experience and be actively engage in the operations of the servicer.
Mortgage Servicer
Mortgage Loan Servicer Registration
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth:$250,000 plus ¼ of 1% of the outstanding principal balance of aggregate mortgages serviced (whether or not in New York), provided, that, if such Person is solely a Third-party servicer, such net worth calculation shall be based upon the amount of the entity’s New York mortgage loans serviced, and if such Person is a Third-party servicer with respect to certain mortgage loans and owns other mortgage loans or the servicing rights thereto, it shall maintain net worth of at least $250,000 plus ¼ of 1% of the outstanding principal balance of the non-Third-party servicer loans and ¼ of 1% of the outstanding principal amount of the New York mortgage loans for which it is a Third-party servicer. (Audited for Past 3 Years)
Surety Bond: $250,000
State Initial Fee: $3,100
Branch Licensing: Yes
Loan Officer Licensing: Yes
Experience/Education: 5 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage origination activities. Such person must have five years verifiable experience in the business of making or underwriting of residential mortgage loans or similar lending and credit evaluation experience and be actively engage in the operations of the lender.
Comment: Applicants are required to have a minimum Fidelity and E&O bond of $300,000
Regulated by:
State of New York Department of Financial Services
One State Street
New York, NY 10004-1417
1-877-BANK-NYS
(212) 709-5596 - Mr. Joseph Barreiro, Application Manager - joseph.barreiro@banking.state.ny.us
(212) 709-5540 phone or (212) 709-5555 fax - Rholda Ricktts, Deputy
(212) 709-3847 - Derrick (212) 709-1585 - Edwardo Chao - MLO Application Reviewer (Voice Mail always full)
(212) 709-5587 - Keith Anderson regarding Change of address, branch applications
Howa Young, ext. 3842 re: Inactive Status
Stephanie.Cunningham@banking.state.ny.us
mbbdenovo@banking.state.ny.us
http://www.banking.state.ny.us/index.htm