New York Mortgage Broker Branch Registration

Who is required to have this license? Registered New York Mortgage Brokers or Applicants for a New York Mortgage Broker Registration that maintain locations separate from the main office as identified on Form MU1, at which loan solicitation and/or loan processing takes place irrespective of whether the only contact with an applicant from that location is by internet, telephone, facsimile or other electronic process. 3 NYCRR 410.5. Activities Authorized Under This License Branch locations can only engage in the activities associated with the Main Office location for a New York Mortgage Broker Registration or Exempt Mortgage Loan Servicer Registration, if the company separately holds an Exempt Mortgage Loan Servicer Registration. Pre-Requisites for License Applications • Branch Managers must be licensed as an MLO The New York State Department of Financial Services issues paper licenses for this license type. Weekly Bulletin Publication Applications deemed complete are published in the Department’s Weekly Bulletin every Friday. The Weekly Bulletin can be accessed via the following link: https://www.dfs.ny.gov/reports_and_publications/weekly_bulletins Section 591.3 of the New York Banking Law requires the Superintendent to render a decision within 30 days of publishing the receipt of a complete branch application for processing. 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specific documents are not received within 10 days of the electronic filing through the NMLS the application will be withdrawn.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. Approval and Denial After the application has been processed, the applicant will receive written notification of the approval or denial of the application.