New Director, Executive Officer or Qualifier

The Department of Financial Services accepts applications to add new directors, executive officers and qualifying individuals of regulated mortgage brokers and mortgage bankers through the Nationwide Mortgage Licensing System (NMLS. All applicants seeking to add a new director, executive officer or qualifier must submit an Amendment through the online application process.

Note: Your company must have a unique NMLS identification number, a User ID and Password to access to NMLS in order to submit Amendments through the online system.

General Instructions

• Jurisdiction specific documents must be accompanied by a cover letter on company letterhead (reflecting authorized name of entity in the State of New York) and signed by an owner or authorized principal officer of the company.

• Pursuant to Part 410.7(b) changes in executive officers and directors must be communicated to the Department within 10 days of such change.

• Changes in Qualifying individual(s) requires prior approval of the Banking Department.

• A fingerprint processing fee of $102.25 is required for each new director, executive officer or qualifier.

• A change in director, executive officer or Qualifier must be reported as an Amendment on the Form MU1 filing with a new Form MU2 submitted through the NMLS.

• Documents notarized outside New York State must be accompanied by a certification from the Secretary of State or county clerk authenticating the notary’s signature.

Jurisdiction Specific Requirements

Jurisdiction-specific requirements as identified below must be submitted within five business days of the submission of your application through NMLS to the State of New York Department of Financial Services at the following address:

State of New York Department of Financial Services
One State Street
New York, NY 10004-1511
Attention: Mortgage Banking

1. NOTARIZED AFFIDAVIT OF RELEVANT BUSINESS EXPERIENCE (MORTGAGE BROKERS).  A change of Qualifying individual requires the submission of a Notarized Affidavit of Relevant Business Experience.  The qualifying individual must actively participate in the New York operations of the mortgage broker and have two years of verifiable experience in underwriting or credit analysis of residential mortgage loans or similar lending and credit evaluation experience. Refer to Part 410 of the Superintendent Regulations for additional information.

2. BACKGROUND REPORTS AND BACKGROUND REPORT CERTIFICATION (MORTGAGE BANKERS & SERVICERS).  A change in any of the three senior most officers, directors or qualifying individual requires the submission of an investigative background report. Background investigation reports must be provided directly to the Department of Financial Services by the private investigation company. 

3. FINGERPRINTS. For each newly appointed executive officer, director and/or qualifier.

4. LITIGATION AFFIDAVIT. Provide for each newly appointed executive officer, director, and/or qualifier.

5. PERSONAL FINANCIAL STATEMENT(S). For each newly appointed executive officer, director and qualifier submit a personal financial statement for the most recent quarter and year-end.

6. PERSONAL QUESTIONNAIRE.  Provide a personal questionnaire for each newly appointed executive officer, director and qualifier.

7. AFFIRMATION. Provide an affirmation stating that the applicant will immediately notify the Superintendent of any changes to the information furnished in the application and that the designated officer has reviewed the application and certifies that the application does not contain untrue statement or omission of material facts.

8. CREDIT REPORT (MORTGAGE BROKERS). Each executive officer, director, or qualifier must submit a credit report dated not more than 30 days prior to the filing of the application through NMLS.

9. RESUME (MORTGAGE BANKERS & SERVICERS).   A resume must be submitted for each individual designated to function as the qualifying individual of a regulated lender.

WHO TO CONTACT
If you require assistance in using the NMLS database or logging into the system, please contact the NMLS Call Center at (240) 386-4444

For New York State Jurisdiction specific requirements contact the Department the via e-mail at mbbdenovo@dfs.ny.gov

FAILURE TO INCLUDE THE ABOVE LISTED ITEMS WITH YOUR ORIGINAL NOTIFICATION WILL DELAY PROCESSING.  INCOMPLETE APPLICATIONS WILL BE RETURNED