Mortgage licensing / New York

New York Mortgage Broker Registration

company licence · NMLS NYBROKER_C · DFS

Requirements (33)

1. Step 1

   Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Fictitious Name”, Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). Applicants and Registered Mortgage Brokers will not be granted permission to use more than five (5) "Other Trade Names" (d/b/a or assumed name). Companies using “fictitious” names or forced D/B/As must select “forced” in the NMLS filing. If operating under an “Other Trade Name” - Corporations, limited liability companies and limited partnerships must upload a file-stamped copy of the Certificate of Assumed Name from the Secretary of State of New York, the certificate must reflect all counties. Sole proprietors, general partnerships and limited liability partnerships must upload a copy of the filing receipt from the county clerk’s office in each country where the business will operate. Detailed instructions on using or adding a new “D/B/A” or assumed name as part of your New York Mortgage Broker Registration can be found here: NY Instructions for 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). This document should be named [State-License Type] Trade Name – Assumed Name.

2. Step 2

   Resident/Registered Agent: The [Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1). Note: The resident/registered agent is the entity that will receive service of legal process on behalf of you company in the state identified.

   Submitted via: NMLS

3. Step 3

   Non-Primary Contact Employees: NY-DFS requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). • Accounting • Exam Billing • Licensing • Consumer Complaint (Public) • Exam Delivery • Litigation • Consumer Complaint (Regulator) • Legal • Pre-Exam Contact

   Submitted via: NMLS

4. Step 4

   Qualifying Individual: Each applicant must designate a person or persons to serve as the Qualifying Individual (“Qualifier”) in charge of the mortgage loan origination activities and be actively engaged in the operations of the applicant. Such person must have two years verifiable experience in the business of credit analysis or underwriting of residential mortgage loans or similar lending and credit evaluation experience. New York State licensed attorneys and real estate brokers are exempt from the two-year experience requirement. The Department does not accept verification of experience from the applicant. The person designated must be an owner, general partner, trustee or officer of the applicant. New York State Qualifiers are required to be licensed Mortgage Loan Originators. Note: The Mortgage Loan Originator application, Individual (MU4) Form, may be filed concurrently with the Mortgage Broker application. An Individual (MU2) Form must be completed for the Qualifier. This individual must be listed in the Qualifying Individual section of Company Form (MU1).

   Submitted via: NMLS

5. Step 5

   Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: Credit Report must be submitted for Control Persons - which includes all: • Direct and indirect owners of 10 percent or more of the applicant's voting stock or membership interest • The three most senior executive officers, and • Qualifying Individual (can be submitted as part of an MLO application)

   Submitted via: NMLS

6. Step 6

   Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with but not limited to: proof of payoffs, installment payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts 90 or more days past due, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2). This document should be named Credit Report Explanations – Sub Name – Document Creation Date.

   Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

7. Step 7

   Business Plan: Upload a business plan outlining the following information: • Marketing strategies – discuss source of business, how products will be marketed to consumers (advertising channels), including projected cost of such marketing strategy • Products – discuss types of loan product offered, including whether the applicant will engage in non-QM, foreign nationals, reverse mortgage, commercial/investment or hard money lending • Target markets – describe the demographic of the target market population; geographical market areas • Operating structure the applicant intends to employ • Aggregate volume of loans originated in states already licensed or registered. The figures must be for the most recent calendar year and quarter immediately preceding the date of application • Financial projections for New York brokering activities, which should include a projection of: (i) the aggregate number and dollar amount of loans that will be originated, and (ii) revenue and expenses for the first year of operation • Technology platform employed in originating loans • Any other business that will be conducted at the proposed licensed location Note: If the existing business plan uploaded already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan. Also, if the existing business plan was uploaded six (6) or more months ago, the applicant must update the plan to include changes in projections and actual economic information.

   Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1). This document should be named [Company Legal Name] Business Plan.

8. Step 8

   Company Staffing and Internal Policies: Upload document(s) including information on staffing and internal organizational policies and procedures addressing the following: • Compliance Program - Provide a summary description of the applicant’s compliance program. The summary should address (i) compliance oversight and reporting structure; (ii) compliance risk rating; (iii) compliance rating definition; (iv) frequency of compliance reviews (v) escalation process; (vi) employee training, including frequency for required courses, method of delivering training, minimum standards for successful completion of a course, monitoring and documentation process utilized. • Fair Lending Plan - submit a fair lending plan addressing how the applicant ensures that loans are made in conformance with both federal and New York State fair lending laws. Details on the minimum requirements of a fair lending plan can be reviewed at: Fair Lending Industry Letter • AML/BSA Policy – the policy must describe the procedures in place to facilitate compliance with federal Anti-Money Laundering (AML) laws and regulations. • Cybersecurity Program - Provide a copy of the applicant's cybersecurity program addressing the oversight and management of the applicant's information systems, cybersecurity risk assessment, training, incident response, disaster recovery, penetration testing and vulnerability scan, and vendor management. Note: If the applicant outsources its cybersecurity function, provide a copy of the Statement of Work. If submitting multiple policies, upload and name each policy separately.

   Submitted via: Upload in NMLS: under the Document Type Company Staffing and Internal Policies in the Document Uploads section of the Company Form (MU1). This document should be named [Name of Policy].

9. Step 9

   Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Submit copies of the original formation documents and all subsequent amendments, thereto including a list of any name changes. Sole Proprietor: • If you use a business name that is different from your legal name, you must upload a copy of the Doing Business as Certificate from the country clerk’s office for each county where you intend to conduct business. The Certificate(s) must have the country clerk’s receipt affixed to the document. This document must also be mailed to the Department along with the Original receipt. General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments). Note: All companies must submit the following applicable documents: • Copy of the Filing Receipt • Certified copy of Application for Authority from the New York Secretary of State; • Certified Certificate of Fictitious Name from the New York Secretary of State if you filed for a fictitious name.

   Submitted via: Upload in NMLS: under Formation Document” in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

10. Step 10

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). The management chart must identify operating management structure, reporting lines of executive officers and operating committees, compliance reporting and internal audit structure. If the applicant is owned by another entity or entities or has subsidiaries – Management charts must clearly delineate interlocking management. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart. However, if the existing uploaded management chart is more than six (6) months old and changes has occurred in executive officers, operating committees, compliance or audit that is not reflected on the chart the applicant must provide an updated management chart.

    Submitted via: Upload in NMLS: under Management Chart in the Document Uploads section of the Company Form (MU1). This document should be named [Company Legal Name] Management Chart.

11. Step 11

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners (total indirect ownership percentage must equate to 100%) • Subsidiaries and Affiliates of the applicant Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single organizational chart.

    Submitted via: Upload in NMLS: under Organizational Chart/Description in the Document Uploads section of the Company Form (MU1). This document should be named [Company Legal Name] Organizational Chart – Description.

12. Step 12

    Surety Bond: Submit company bond in the amount of $10,000 furnished by a surety company authorized to conduct business in New York. The name of the principal insured on the bond must match exactly the full legal name of applicant, as authorized by the Secretary of State of New York. If the applicant utilizes any Other Trade Names, these names must also be included on the bond. Applicants that cannot obtain a surety bond can execute a Deposit Agreement approved by the Superintendent of Financial Services of the State of New York. The Deposit agreement requires a pledge of securities or funds of $10,000 valued at the lower of the principal amount or market value. Applicants must obtain the Department’s approval to use a form other than the Department’s standard form. Click here to access the Mortgage Broker Surety Bond and Deposit Agreement forms. Note: Surety bonds are not required to be submitted until the application has been approved. The Department will not issue a registration until the Original Surety Bond has been received and accepted as satisfactorily meeting the Department’s requirements.

    Submitted via: The Original Mortgage Broker Surety Bond must also be mailed to the NYS Department of Financial Services, Application Unit, One State Street, New York, NY 10004

13. Step 13

    Legal Name/Status Documentation: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: Upload in NMLS: under the Document Type Legal Name/Status Documentation in the Document Uploads section of the Individual Form (MU2). This document should be named [Document Name] (Ex. Drivers License, Marriage Certificate, etc.).

14. Step 14

    Control Person - Pursuant to New York Law - A control person is an individual or entity that directly or indirectly owns, controls or holds with power to vote 10% of more of the voting stock of the applicant, or possesses the power to direct or cause the direction of the management or policies of the applicant. Note: Applicants are required to provide a comprehensive list of control persons as defined in Section 594-b of the New York Banking Law. This list should be sent directly to the Department. Examples of a control person include but are not limited to a controlling member of a partnership, managing member of a limited liability company, trustee, principal beneficiary of a trust, all direct and indirect principal stockholders of a corporate applicant, members of the board of directors, and executive officers.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

15. Step 15

    Personal Financial Statement: The following individuals, as specified below, on the Company Form (MU1) are required to submit an original signature personal financial statement. Direct Owners • All individuals owning 10% or more of the applicant’s voting stock Executive Officers • Top three executive officers Indirect Owners • All individuals indirectly owning 10% or more of the applicant’s voting stock Qualifying Individuals • The individual designated as the Qualifying Individual for New York Trustee and Trust Protectors • All individuals with the responsibility to manage and oversee trust assets, amend trust agreement, change trustee or governing law of trust Manager of Investment Funds/Investment Advisors • All individuals with the authority to make decisions regarding the ownership interest in the applicant held by limited partnership or general partnership funds or management companies. Directors • All directors of the applicant and internal directors of the indirect owners Click here to access the Personal Financial Statement

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

16. Step 16

    Certificate of Authority/Good Standing Certificate: Mail an original Certificate of Good Standing issued by the New York Secretary of State and also from your home state, if you are a incorporated outside the state of New York. Note: If the company was incorporated or filed its authority to conduct business in New York less than six (6) months from the date of application the Good Standing Certificates are not required.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

17. Step 17

    Word Approval Authorization Certificate: Submit a copy of the authorization certificate received from the Department and submitted to the New York Department of State. Entities that wish to engage in business involving residential mortgage lending on one-to-four family residential properties must secure the prior approval of the Superintendent to use the following words or any derivative thereof in Business Names, Assumed (d/b/a) or Fictitious Names. • Banker • Loan • Mortgage • Finance • Investment Note: Mortgage Brokers using Lend, Lending, Fund or Funding as part of their name will be required to use a d/b/a to conduct business in New York. All applicants must demonstrate compliance with the statutory requirement. Failure to secure prior approval for corporate names with restricted word that require the Superintendent's approval will result in the withdrawal of your application. Click here to access the Entity Name Approval | Department of Financial Services (ny.gov)

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

18. Step 18

    Most Utilized Lender: Submit a list of the three most utilized lenders the applicant is using or intends to use in originating mortgage loans. Note: Lenders must be New York State licensed mortgage bankers, or exempt organizations as defined in section 590.1(e) of Article 12-D of the New York Banking Law.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

19. Step 19

    Personal Questionnaire: Control persons, including directors, the three most senior executive officers and, if different, the Qualifier, must submit a personal questionnaire. Click here to access the Personal Questionnaire form

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

20. Step 20

    Resume: Control persons, including the three most senior executive officers and the Qualifier, if different, must submit a resume. The resume must include the individual’s entire work history for the past 10 years. A detail explanation must be provided for all gaps in employment exceeding three months. Note: This document should not be confused with the Experience Verification document required by other states.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

21. Step 21

    Litigation Affidavit: Control persons, including directors, the three most senior executive officers and, if different, the Qualifier must submit a litigation affidavit. If applicable, also provide a letter from the applicant’s attorney detailing any pending litigation and the most likely outcome. Click here to access the Litigation Affidavit

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

22. Step 22

    Fingerprints: Each control person, including directors, three senior most executive officers and, if different, the Qualifier must follow the Mortgage Banking Fingerprinting instructions posted on the Department’s website Click here for Fingerprint Instructions and forms Note: Rolled Fingerprints will only be accepted from law enforcement and government agencies. If the New York Qualifying Individual submits the Mortgage Loan Originator (MLO) application simultaneously with the Mortgage Broker application, the Qualifier should only process a single set of fingerprints using the MLO Service Code.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004 Fingerprinting Fees are paid outside the NMLS

23. Step 23

    Certification and Affirmation: Each of the three most senior executive officers must provide a signed certification and affirmation form stating that the applicant will immediately notify the Superintendent of any changes to the information furnished in the application and that a designated officer has reviewed the application and certifies that the application does not contain any untrue statement or omission of material facts. Click here for the Certification and Affirmation form

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

24. Step 24

    Corporate Resolution: Each corporate applicant must provide an original corporate resolution designating the officer authorized to execute the application on behalf of the entity. The resolution must be signed by the corporate secretary and bear the seal of the corporation. For partnership, limited liability company or trust entities, applicants must provide a resolution signed by a managing member, general partner, or trustee designating the officer authorized to execute the application on behalf of the entity.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

25. Step 25

    Certificate of Compliance: Each applicant must provide an original, signed certificate stating that they are in compliance with Section 296-a of the New York State Executive Law prohibiting unlawful discriminatory practices in relation to credit. The Certificate must be signed by an officer designated by the corporate resolution. Click here to access the Certificate of Compliance form

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

26. Step 26

    Workers Compensation: Each applicant must submit evidence of compliance with workers’ compensation law (Workers’ Compensation Law, Section 57) and insurance disability law (Disability Law, Section 220, Subd. 8). To comply with the provisions of the workers’ compensation law and insurance disability law, a business must be: (i) legally exempt from obtaining workers’ compensation of disability benefit insurance coverage, (ii) obtain workers’ compensation and disability coverage from an insurance carrier, or (iii) be self-insured or participate in an authorized group self-insurance plan. Such evidence may take the form of (i) an exemption letter from the Workers’ Compensation Board, (ii) an insurance carrier insurance certificate, or (iii) an approval for self-insurance from the Workers’ Compensation Board.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

27. Step 27

    Leases: Each applicant must provide copies of leases, subleases or lease assignments, if applicable, for all locations the applicant seeks to license. Leases must meet the following criteria: • Must be for commercial use; • Must be fully executed in the name of the applicant by a designated officer or owner of the applicant; • Must provide for the tenant’s exclusive use; • Must sufficiently describe the location of the premises (e.g., in addition to address, it must indicate floor and suite number and/or office number); • Lease terms must be for at least six (6) months. Month-to-month leases and license agreements are not accepted; • Must include the printed name of any signatory, the company name, and the signatory’s title beneath the signature; • Must include all assignments, modifications, and amendments; and • Must specifically allow for a sublease or assignment if a sublease or assignment is being submitted, as evidenced by a landlord consent letter; Note: If the lease and/or sublease contain a 30 days termination clause, the Department will interpret it as a month-to-month lease. A written explanation must be provided for all sublease reflecting a rental charge less than the main lease agreement. Applicants seeking to license residential property must submit a certified copy of the property deed along with zoning permissions

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

28. Step 28

    Website Questionnaire: Each applicant is required to complete a website questionnaire if the applicant intends to use a website in its New York operations. Applicants will be required to address policies, procedures and other measures implemented to safeguard the disclosure of consumer information. Additionally, each applicant must demonstrate proof of domain name(s) registration, and information related to how the website is controlled and serviced. Click here to access the Website Questionnaire and Instructions

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

29. Step 29

    Dual Agency Affidavit: If a mortgage broker, mortgage banker, branch manager, or other person having a relationship with your company holds a real estate broker or sales person license or functions as an attorney on residential mortgage transactions, or if the branch office is physically located on the premises of a real estate agency, a Dual Agency form must be submitted. Click here to access the Dual Agency Affidavit form

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

30. Step 30

    Evidence of Authorization to Work in U.S.: Executive Officers, Owners, Directors and Qualifiers born outside the United States must provide evidence of authority to work in the U.S. or entitlement to public benefits as defined under 8 USC 1621. Permanent resident alien card, naturalization certificate, U.S. passport, immigration visa or proof of nonresident status should be submitted.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

31. Step 31

    Supplemental Documents and Information Request: Pursuant to 3 NYCRR 410.3(a) and 3 NYCRR SP MB 102.1(d) the Superintendent has the authority to request additional information in connection with the application and require any officer or director of the applicant appear at the Department to discuss issues of concern to the Department.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

32. Step 32

    Waiver Requests: Consistent with the New York Banking Law and the General Regulations of the Superintendent, the New York State Department of Financial Services may, in its discretion and in limited circumstances, consider requests for waiver of certain informational requirements applicable to control persons, excluding individual owners directly or indirectly 10 percent or more of the voting stock, or equivalent interest, of the applicant or of the voting stock, or equivalent interest, of an entity that directly or indirectly owns 10 percent or more of the applicant, where it determines the waiver will not adversely impact the application process or the ability of the Department to adequately determine the character and fitness of an applicant. All waiver request should be in writing, include name and tile of individuals and documents to be waived and submitted to the Deputy Superintendent of Mortgage Banking. Consideration of any waiver request will be fact specific and may require submission of substantial supporting documentation. Waiver requests may be granted subject to conditions. In considering a waiver request, the New York State Department of Financial Services may take into account factors such as any publicly available information that would provide the Department with sufficient insight into the background and financial status of the individual or individuals for whom the waiver is sought, lack of any direct or indirect control, influence or oversight by such individual or individuals over the management or operations of the applicant, including serving on the board of directors of the applicant or acting or functioning as a director or officer of the applicant, or any ability, whether direct or indirect, to appoint or dismiss any members of the management, the board of directors or similar officials of the applicant. Additionally, the Department may take into account any evidence of regulatory concerns regarding the applicant, its officers and directors. The Department will also assess whether existing regulatory oversight, due diligence or other available or utilized processes are comparable to the Department’s application due diligence process. Any waiver request should address the above factors. Furthermore, in the process of reviewing and considering the application, the Department may request additional information and supporting documents.

    Submitted via: MAIL TO: New York State Department of Financial Services, Mortgage Application Unit, One State Street, New York, NY 10004

33. Step 33

    Contact: If you have questions relating to the application process, please contact mortgage.broker@dfs.ny.gov

General information

Other New York mortgage licenses

• Exempt Mortgage Banker Branch License-MH
• Exempt Mortgage Banker License - UW
• Exempt Mortgage Banker License-MH
• Exempt Mortgage Banker License-NP
• Exempt Mortgage Broker Registration-MH
• Exempt Mortgage Broker Registration-NP
• All 17 New York licenses

Sourced from the NMLS/CSBS state licensing record, last updated July 17, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.