Mortgage licensing / New York

New York Mortgage Loan Servicer Registration

company licence · NMLS NYSERVICER_C · DFS

Requirements (41)

1. Step 1

   Qualifying Individual: Each applicant must designate a person or persons to serve as the Qualifying Individual (“Qualifier”) in charge of the mortgage loan servicing activities and be actively engaged in the operations of the applicant. Such person must have five (5) years independently verifiable experience in the business of servicing mortgage loans, inclusive of loss mitigation and debt collection, or similar servicing experience. The Department does not accept verification of experience from existing officers, directors or employees of the applicant. The person designated must be an owner, general partner, trustee or officer of the applicant. Note: If the proposed "Qualifying Individual" is not an officer of the company when the application is electronically filed through the NMLS, the application will be deemed incomplete. This individual must be listed in the Qualifying Individual section of Company Form (MU1).

   Submitted via: NMLS

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

   Corporate Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

4. Step 4

   Corporate Financial Statements: • Audited financial statements for the past two fiscal years prepared by a Certified Public Accountant in accordance with Generally Accepted Accounting Principles and • Unaudited financial statement for the most recent quarter signed and affirmed by an executive officer of the company. Financial Statements must include a Balance Sheet, Income Statement and Statement of Cash Flows and all relevant notes thereto. Note: if applicant is a start-up company, only an initial Statement of Condition is required. The NY-DFS also requires submission of audited and unaudited financial statements for direct and indirect corporate owners. These financials can be sent directly to the Department.

5. Step 5

   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). The Mortgage Banking business unit does not allow more than five (5) other trade names. 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.

   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.

6. Step 6

   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

   Submitted via: NMLS

7. Step 7

   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).

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

8. Step 8

   Surety Bond: Each applicant must mail an original mortgage loan servicer bond in the amount of $250,000 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 the applicant, as authorized by the Secretary of State of New York. Note: Surety bonds are not required to be submitted until the application has been approved. The Department will not issue a registration until the bond has been received and accepted. Applicants must use the Mortgage Loan Servicer Surety Bond Form posted on the Department’s website at: Mortgage Banking: Guidebooks and Forms | 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

9. Step 9

   Letter of Assurance: Provide a letter on the company letter head stating that the applicant will maintain adjusted Net Worth of not less than $250M plus ¼ of one percent of the outstanding principal balance of aggregate mortgages serviced (whether or not in New York), as required under Part 418.12 of the Superintendent’s Regulations. The letter must be signed by the designated officer authorized by the corporate resolution.

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

10. Step 10

    Errors and Omissions: Applicants are required to have a minimum E&O coverage of $300,000 (naming the Superintendent as an additional loss payee). See Part 418.12 of the Superintendent’s Regulations.

    Submitted via: NMLS Upload in NMLS: under the Document Type “Errors and Omissions (Insurance Policy)” in the Document Uploads section of the Company (MU1) Form.

11. Step 11

    Fidelity Bond: Applicants are required to have a minimum Fidelity Bond of $300,000 (naming the Superintendent as an additional loss payee). See Part 418.12 of the Superintendent’s Regulations.

    Submitted via: NMLS Upload in NMLS: under the Document Type “Fidelity Bond” in the Document Uploads section of the Company (MU1) Form

12. Step 12

    Net Worth Requirement: Each Applicant shall demonstrate the ability to maintain adjusted net worth of at least $250,000 plus ¼ of 1% of the outstanding principal balance of aggregate mortgages serviced (whether or not in New York), provided, that: • If the Applicant 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 • If the Applicant is a Third-party servicer with respect to certain mortgage loans and owns other mortgage loans or the servicing rights the Applicant must 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.Please select and complete the appropriate Mortgage Loan Servicer Financial Responsibility Worksheet which must include a notarized signature of the senior executive officer authorized by the applicant’s Board of Directors to file this application. Please select the appropriate worksheet: • Servicing Only • Third Party Servicing Only • Third Party Servicer and Owns Other Mortgage Loans or Servicing Rights

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

13. Step 13

    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 stockExecutive Officers • Top three executive officers of the applicant and top three officers of the applicant’s direct and indirect parent companiesNote: An applicant with only two executive officers must provide information for the Compliance Officer and identify that individual as a control person on the MU1. 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 YorkTrustee and Trust Protector(s) 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 ownersClick here to access the Mortgage Banking: Guidebooks and Forms | 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

14. Step 14

    Personal Questionnaire: Control persons, including directors, the three most senior executive officers and, if different, the Qualifier, must submit a personal questionnaire. Note: An applicant with only two executive officers must provide a Personal Questionnaire for the Compliance Officer and identify that individual as a control person on the MU1. Click here to access the Personal Questionnaire Mortgage Banking: Guidebooks and Forms | 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

15. Step 15

    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: An applicant with only two executive officers must provide a Resume for the Compliance Officer and identify that individual as a control person on the company form MU1.

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

16. Step 16

    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. Note: An applicant with only two executive officers must provide a Litigation Affidavit for the Compliance Officer and identify that individual as a control person on the company form MU1. Click here to access the Litigation Affidavit Mortgage Banking: Guidebooks and Forms | 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

17. Step 17

    Background Report and Background Report Certification: An investigative background report is required for all control persons, including directors, the three most senior executive officers, and, if different Qualifier. Note: An applicant with only two executive officers must provide a Litigation Affidavit for the Compliance Officer and identify that individual as a control person on the company form MU1. Click here to access the Background Certification Form Mortgage Banking: Guidebooks and Forms | Department of Financial Services (ny.gov). The date the background report was ordered cannot be more than 90 days prior to the submission of the application through NMLS or the date of the Background Certification Form. Note: Background Reports must be submitted directly to the Department by the Private Investigative Company. Click here for Background Report Instructions Mortgage Banking: Guidebooks and Forms | 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

    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. Note: An applicant with only two executive officers must provide Certification and Affirmation for the Compliance Officer and identify that individual as a control person on the company form MU1. Click here for the Certification and Affirmation form Mortgage Banking: Guidebooks and Forms | 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

19. Step 19

    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

20. Step 20

    Business Plan: Upload a business plan that specifically addresses the applicant’s mortgage servicing activities. The business plan must address: • Source and Structure of Business - the anticipated source of loans serviced (secondary market purchaser, transfer from affiliates, master servicer, third-party sub-servicer, sub-servicing on behalf of affiliates) • Products - types of mortgage products the applicant services or intends (reverse mortgages, HELOCs, QM-loans, conventional, first lien, junior liens) • Projected Growth – the projected growth in the company’s existing servicing portfolio, if any, attributable to the proposed New York operations. Also, discuss how the underlying basis for the projected figures. • Funding Facilities – provide information regarding the types of borrowing facilities available to the applicant. • Technology Platform employed in servicing loans, including loss mitigation activities. • Outsourced servicing activities. Note: The Department reserves the right to request a list of third-party vendors engaged by the applicant to perform servicing activities, including loss mitigation. • Operating structure, including whether the applicant intends to establish a physical presence in New York, and if applicable, servicing activities conducted outside the continental United States. 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. However, if the existing business plan was uploaded six (6) or more months ago, the applicant must update the plan to include changes in projections based on actual economic information.

    Submitted via: NMLS Upload in NMLS: under the Document Type “Business Plan” in the Document Uploads section of the Company (MU1) Form.

21. Step 21

    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. Note: The compliance summary inclusive of risk ratings and definitions must demonstrate the applicant’s ability to facilitate a comprehensive assessment of inherent risk, mitigating factors and residual risk on an enterprise-wide basis. • 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. Note: Policies and procedures must be reflective of the size and complexity of the applicant’s operating environment and business activities. Generic off the shelf policies and procedures that are not reflective of the size and complexities of the applicant’s operations will not be accepted.

    Submitted via: NMLS 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].

22. Step 22

    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: NMLS 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.

23. Step 23

    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 or other authority to submit the application on behalf of the applicant. Click here to access the Certificate of Compliance Mortgage Banking: Guidebooks and Forms | 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

24. Step 24

    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

25. Step 25

    Aggregate Servicing Volume: Provide a report detailing “Aggregate Servicing Volume” (Nationwide). The report should list the aggregate servicing volume (number of loans and unpaid principal balance) by loan type (e.g. conventional, reverse mortgage, HELOC.) and by investor (e.g. FNMA, GNMA, Private Label, etc.). The figures provided must be for the most recent calendar year and the quarter immediately preceding the date of application. Note: The report (PDF or Excel) must also include totals for each category listed

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

26. Step 26

    Servicing Volume by State: Provide a report detailing “Servicing Volume by State.” The report must list servicing volume (number of loans and unpaid principal balance) by state for all states in which the company currently performs servicing activities. The report (PDF or Excel) must include a line with totals

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

27. Step 27

    Delinquency Status Report: Provide a “Delinquency Status Report.” The report must provide a breakdown of loans by delinquency status based on the following categories: 30, 60, 90, 120 days delinquent. The report must also separately categories all loans in the process of foreclosure.

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

28. Step 28

    Loss Mitigation: Provide a summary of the applicant’s loss mitigation initiatives. The summary must address (i) borrower outreach and communication, (ii) default resolution handling, (iii) complaint handling (iv) aggregate number and dollar volume of loans currently under review for loan modification or other loss mitigation plans; (v) breakdown of loan modification or other loss mitigation plans approved during the past 24 months on New York property, if the applicant currently services New York loans, and (vi) loan modification program requirements.

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

29. Step 29

    Leases: Each applicant must provide copies of leases, subleases or lease assignments, if applicable, for all locations the applicant seeks to registration. 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; Note: If the lease and/or sublease contain a 30 days termination clause, the Department will interpret it as a month-to-month lease. • 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; • Applicants seeking to register residential property must submit a certified copy of the property deed along with zoning permissions; and • Any additional information the Department requests. Note: A written explanation must be provided for all sublease reflecting a rental charge less than the main lease agreement

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

30. Step 30

    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. • Loan • Mortgage • Finance • InvestmentNote: 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

31. Step 31

    Website Questionnaire: Each applicant is required to complete a website questionnaire in order 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 Mortgage Banking: Guidebooks and Forms | 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

32. Step 32

    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 a public benefit as defined under 8 USC 1621. Permanent resident alien card, naturalization certificate, U.S. passport, immigration visa or proof of nonresident status can be submitted.

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

33. Step 33

    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 requests 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

34. Step 34

    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). 1. Accounting 2. Exam Billing 3. Licensing 4. Consumer Complaint (Public) 5. Exam Delivery 6. Litigation 7. Consumer Complaint (Regulator) 8. Legal 9. Pre-Exam Contact

    Submitted via: NMLS

35. Step 35

    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, trust protector, 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

36. Step 36

    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. 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 is not in the 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 ByLaws 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)]

37. Step 37

    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. An applicant with only two executive officers must provide fingerprints for the Compliance Officer and identify that individual as a control person on the company form MU1. Click here for Fingerprint Instructions and forms Fingerprinting for DFS | Department of Financial Services (ny.gov) Note: Rolled Fingerprints will only be accepted from law enforcement and government agencies.

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

38. Step 38

    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 to appear at the Department to discuss issues of concern to the Department.

39. Step 39

    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

40. Step 40

    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 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

41. Step 41

    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. However, if the information uploaded is not reflective of the current existing ownership structure, a revised chart must 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.

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 29, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.