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New York Mortgage Regulations

State Mortgage Regulations

New York Residential Mortgage Licensing

  • Residential mortgage brokers and lenders are required to be licensed under the New York Banking Law, Article 12-D
  • Applications must be submitted via the National Multistate Licensing System (NMLS)
  • Difficult to navigate without the help of licensing experts like Cornerstone
  • Non-compliance with licensing requirements may result in hefty fines

 

Ny Residential Mortgage Requirements

LICENSE

bond

$10K+

background check

registered agent

Cornerstone is an organization who genuinely cares about the work that they're doing. You see a big difference compared to our last vendor. The anxiety that I used to have when dealing with our previous vendor is gone because of the professionalism and responsiveness. Working with our previous licensing vendor was a nightmare. This is the first time in five years I've been able to sleep at night because of the stress. Cornerstone has been a breath of fresh air.
Kimberly S.
Your service, and especially Joel who executes our bonds, are consistently above and beyond expectations. Cornerstone is a vital support partner and I would heartily recommend their services to anyone.
Dick W.
THE SPECIALISTS ARE GREAT! THEY ARE KNOWLEDGEABLE, EFFICIENT, THOROUGH, AND FRIENDLY!
Client Since 2020

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Key Details

New York Residential Mortgage Licensing Requirements

Licensing

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Regulatory Authority

The New York State Department of Financial Services (DFS) mandates all mortgage brokers and lenders to be licensed.

 

Application Process

If you’d like more information about the application process, contact Cornerstone or visit the state regulating site.

 

Maintaining Licensing

License holders need to maintain ongoing compliance with the DFS, which involves periodic reporting, record keeping, and adhering to stringent operational rules. Annual renewal is required by 12/31.

 

Penalties for Non-Compliance

Failure to comply with DFS can result in severe penalties, including hefty fines, legal consequences, and potential revocation of the license.

Expert Assistance

With so many possible pitfalls and ways to not have a mortgage license approved, many businesses utilize licensing experts like Cornerstone to navigate the process successfully.

Bonds

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Bond Requirement

All mortgage brokers and lenders are required to post a surety bond as part of their licensing process and maintain that bond through the entirety of the license being valid. The bond amount for the Mortgage Broker Registration begins at $10,000 and the bond amount for the Mortgage Banker License begins at $50,000. Cornerstone can write this bond for you quickly and easily.

Background Check

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Requirements

All applicants for Residential Mortgage licensing must undergo a thorough background check. There will be a criminal history assessement, a financial examination, fingerprinting, and other additional items required.

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