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Mortgage licensing / New York

New York Exempt Mortgage Banker Branch License-MH

branch licence · NMLS NYEXEMPTBANKERMH_B · DFS

Requirements (5)

  1. Step 1

    Other Trade Names: If this branch is operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of both the Branch Form (MU3) and the Company Form (MU1). The Department does not separately approve other trade names for branch offices. If operating under an “Other Trade Name”, upload a file-stamped copy of the Certificate of Assumed Name from the Secretary of State of New York regarding ability to do business under that trade name. This document should be named [State-License Type] Trade Name – Assumed Name.

    Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

  2. Step 2

    Branch Office Affirmation Form: Each applicant must submit a Branch Office Affirmation Form signed by an owner or executive officer whose information is on file with the Department. Note: Click LINK to download Branch Office Affirmation Form: Mortgage Banking: Guidebooks and Forms | Department of Financial Services (ny.gov)

    Submitted via: Email to: MBELECTRONIC@dfs.ny.gov Note: Original signature document must be mailed to NYS Department of Financial Services Attention: Mortgage Banking – Supervision Unit One State Street, New York, NY 1000

  3. Step 3

    Cover Letter: Submit a cover letter on company letterhead signed by an owner, officer or designated contact on file with the Department. The letter must include information on the branch manager’s responsibilities.

    Submitted via: Mail to The Department

  4. Step 4

    Out of State Branch Locations: If the proposed branch office is located outside the State of New York, provide a written description of how the proposed branch will transact business with New York consumers. The submitted information must address how branch personnel solicit potential borrowers for New York property (e.g., face-to-face interactions, internet, mass mailings, e-mails, telephone, advertisements, etc.) and the manner in which disclosures and mortgage documents are transmitted between the borrower and branch personnel. If the internet will be used, please provide the domain name. Note: The domain name must be separately authorized by the Department

    Submitted via: Email to: MBELECTRONIC@dfs.ny.gov

  5. Step 5

    Branch Manager: A Branch Manager must be designated for each branch office location. The designated branch manager must hold a NYS Mortgage Loan Originator (MLO) License prior to the submission of the branch application. A Branch Manager is defined as an individual who oversees the business operations of a branch office, irrespective of the title given that individual. Note: You cannot assign multiple branches to a single branch manager unless you have 10 or more branch offices physically located in New York State. Application will be withdrawn if the branch manager is not licensed

General information

Who is required to have this license? Exempt Manufactured Home Lenders that solicit or process loans from locations other than its principal place of business, irrespective of whether the only contact such locations have with applicants is by internet, telephone, facsimile or other electronic process. This document includes instructions on how to complete the requirements for licensing with the New York State Department of Financial Services (“Department”) for an additional Exempt Mortgage Banker Branch for Manufactured Home lenders. In order to submit a Branch Form (MU3) application, the company’s principal office must be approved in New York or the company must submit a Company Form (MU1) (corporate location) to be licensed in New York prior to the submission of a branch form. This license should only be applied for by a company that currently holds a NY Exempt Mortgage Banker License-MH. Article 12-D, Section 590.1(a) Incomplete Application Branch Managers must be licensed as a mortgage loan originator with the Department prior to submission of the electronic application through NMLS. Note: The Department will withdraw without notice all applications where the branch manager does not hold a New York license in one of the following status: Approved, Approved-Conditional, Approved-Deficient, Approved-Inactive. MLOs with Temporary Authority are prohibited from functioning as a branch manager. All required jurisdiction (state) specific documents must be received by the Department within 10 days of the electronic filing through NMLS. If all jurisdiction (state) specific documents are not received within 10 days of the electronic filing through the NMLS the application will be withdrawn. The Department will notify the applicant after the withdrawal of the application. If after receipt of all jurisdiction specific (state) documents, a branch application with a licensed branch manager is determined to be incomplete, deficiencies will be posted as “License Items” on NMLS identifying the items and matters that must be addressed for the Department to continue processing the application. Complete responses must be received within 30 days of the date the License Item is posted to NMLS. If a complete response fully addressing all such items and matters to the satisfaction of the Department is not received within 30 days of sending such notice, the application will be considered withdrawn and the status on NMLS will be updated to “Withdrawn-Abandoned.” Any applicant seeking a license following the withdrawal of an application must submit a new application that must include all required information, documents, and fees, if any. Approval or Denial After the application has been processed, the applicant will receive written notification of the approval or denial of the application. Activities Authorized Under This License This license authorizes the following activities… • Only for employees of the company to function as licensed Mortgage Loan Originators on Chattel-Only loans made on Manufactured Homes. Pre-Requisites for License Applications • Branch Manager must be licensed as a Mortgage Loan Originator • Entity must hold Exempt Mortgage Banker License - MH New York State Department of Financial Services does not issue paper licenses for this license type.

Other New York mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated June 5, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.

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