New York State Licenses and Regulator Costs

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Mortgage Banker License (Company)

NMLS Cost: $3,100
Additional Costs: $15 per credit report, $36.25 per criminal background check; $99 per control person NY fingerprinting fee
Qualifying Individual: must hold NY mortgage loan originator license; must have five (5) years of verifiable mortgage experience
Surety Bond Requirement: $50,000
Line of Credit Requirement: $1,000,000 minimum
Personal Financial Statements: control persons, directors, the three (3) most senior executive officers and the NY Q/I must submit personal financial statements
NY requirements are among the most extensive in the nation. Please contact us for licensing assistance.

Mortgage Broker Registration (Company)

NMLS Cost: $1,600
Additional Costs: $15 per credit report, $36.25 per criminal background check; $99 per control person NY fingerprinting fee
Qualifying Individual: must hold NY mortgage loan originator license; must have two (2) years of verifiable mortgage experience
Surety Bond Requirement: $10,000
Personal Financial Statements: control persons, directors, the three (3) most senior executive officers and the NY Q/I must submit personal financial statements
NY requirements are among the most extensive in the nation. Please contact us for licensing assistance.

Mortgage Loan Servicer Registration (Company)

NMLS Cost: $3,100
Additional Costs: $15 per credit report, $36.25 per criminal background check; $99 per control person NY fingerprinting fee
Qualifying Individual: must hold NY mortgage loan originator license; must have two (2) years of verifiable mortgage experience
Surety Bond Requirement: $250,000
Letter of Assurance Requirement: adjusted net worth of not less than $250,000 plus 1/4 of one percent of outstanding servicing portfolio balance
E&O Insurance and Fidelity Bond: $300,000 minimum (each)
Personal Financial Statements: control persons, directors, the three (3) most senior executive officers and the NY Q/I must submit personal financial statements
NY requirements are among the most extensive in the nation. Please contact us for licensing assistance.

Mortgage Banker Branch License (Branch)

Mortgage Broker Branch Registration (Branch)

Mortgage Servicer Branch Registration (Branch)

NMLS Cost: $520
Additional costs: $15 per credit report
Branch Manager: must have prior supervisory experience in overseeing mortgage loan servicing

Mortgage Loan Originator (Individual)

NMLS Cost: $409
Additional Costs: $15.00 per credit report, $36.25 per criminal background check; $99 for NY state background check
Surety bond: an individual surety bond varying from $10,000 to $100,000 will be required unless the company has an Originating Entity Surety Bond (contact us for details)
Education: NY requires three (3) hours of NY-approved pre-licensure education as part of our national education requirement