Mortgage Broker Registration ApplicationThe Department of Financial Services (DFS) accepts De Novo Mortgage Broker applications through the Nationwide Mortgage Licensing System (NMLS). All new applicants for registration must be submitted through the online NMLS application process.
Access to NMLS
In order to gain access to NMLS your company must submit a form requesting an NMLS account. The Company Account Request Form can be accessed at mortgage.nationwidelicensingsystem.org. Please select “Company” under the heading ‘Getting Started’ and follow instructions provided in Step 2 – Request an Account. Note: If your company already has access to NMLS you do not need to submit this form.
Prior to submitting an application, we strongly urge you to familiarize yourself with the Jurisdiction-specific information relating to New York State by selecting the State Licensing Resource Page link under Step 4 – What Does my State Require. You should also familiarize yourself with the tutorials and guides located on the NMLS website under Step 3 – Getting Prepared.
Submitting a Mortgage Broker Application
Once access to the NMLS database is confirmed (i.e. you receive your company user account and password) and you have familiarized yourself with the New York Department of Financial Services' jurisdiction requirements, you can submit an application through the system to become a registered mortgage broker..
Note: If you have already submitted Forms MU1, MU2 and MU3, through the NMLS, for another state, you do not need to re-enter the company record into the NMLS. However, you are required to provide Jurisdiction-specific information to support your New York State application.
Applicants for a mortgage broker registration are required to pay the following non-refundable fees:
investigation fee - $1.500; fingerprint processing - $102.25; branch office - $500 for each additional branch requested.
- Each applicant must designate a person or persons to serve as the Qualified Person (“Qualifier”) in charge of the mortgage origination activities. 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 and be actively engaged in the operations of the broker. New York State licensed attorneys and real estate brokers are exempt from the two year experience requirement. This person must be designated and entered in the Qualifying Individual field in Form MU1. The person designated must either be an owner, general partner, trustee or executive officer of the applicant. A Form MU2 must be completed for the qualifier.
- Foreign corporations must obtain authority from the Secretary of State to conduct business in the State of New York prior to submitting an application, through NMLS, to become a New York State registered mortgage broker.
- Pursuant to Section 594-b(4) each registrant must list the names of each control person that directly or indirectly owns 10% of more of the voting stock of the registrant, or possesses the power to direct or cause the direction of the management and policies of the registrant. Form MU2 must be completed for each control person, director and three most senior executive officers.
- Registered Agent - The Department does not require you to have a Registered Agent physically located in the State of New York. Corporations, limited liability companies and partnerships that have not engaged an agent for services of process in the State of New York can use the following address to complete the Registered Agent section of Form MU1. New York Department of State -Division of Corporation, 99 Washington Avenue, Albany, NY 12231. Sole Proprietors located outside the state of New York can designate the Superintendent, Department of Financial Services, One State Street, New York, NY 10004.
- Pursuant to General Regulations of the Banking Board Part 38.1, the Department will not issue you a Mortgage Broker Registration Certificate while you are employed in the mortgage business with another firm If you are currently employed in the mortgage business, you must submit a letter addressed to the Department confirming your intention to resign your current position upon notification of the approval of your mortgage broker registration This letter must be submitted with your application.
- Applicants are reminded that each employee originating mortgage loans on behalf of the company must obtain authorization from the Superintendent of Banks to engage in mortgage loan origination activities. See Mortgage Loan Originator authorization requirements.
- Companies must complete and submit a branch office application Form MU3 for each additional branch office requested as part of this application.
Jurisdiction Specific Requirements
Jurisdiction-specific requirements as identified below must be submitted within 5 business days of the submission of your application through NMLS to the Department of Financial Services at the following address:
New York State Department of Financial Services
Attention Mortgage Banking
One State Street
New York, NY 10004
- CREDIT REPORT. Provide a credit report dated not more than 30 days prior to the filing of the application through the NMLS for each direct and indirect owner, owning 10% or more of the applicant, control person director and three senior most executive officers.
- SURETY BOND. Provide an original mortgage broker 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. Applicants that cannot obtain a surety bond can execute a Deposit Agreement approved by the Superintendent 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 principal amount or market value.
- LIST OF THREE MOST UTILIZED LENDERS. Submit a list of the three most utilized lenders you are using or intend to use in originating loans. Note: Lenders must be banks, New York State licensed mortgage bankers or entities exempted from licensing under Article 12-D of the New York Banking Law.
- SECRETARY OF STATE DOCUMENTATION.
Domestic Companies (entities incorporated or chartered in the State of New York) provide the following:
- Certificate of Good Standing, if the applicant has been incorporated for more than six months and one of the following:
- Certified copy certificate of incorporation and filing receipt (if a corporation);or
- The Articles of Organization and Operating Agreement (if a Limited Liability Company); or
- Partnership Agreement or Trust Agreement (if a partnership or established pursuant to a trust;
- Certificate of Good Standing from the New York Secretary of State if the authority to conduct business in New York is more than six months old;
- Copy of filing receipt and certified copy of Application for Authority from the New York Secretary of State; or
- Copy of filing receipt and certified Certificate of Fictitious name from the New York Secretary of State if you file for a Fictitious name;
Also provide one of the following:
- Certified copy certificate of incorporation and filing receipt from the Secretary of State in which the entity was incorporated or chartered; or
- Partnership Agreement or Trust Agreement or
- The Articles of Organization and Operating Agreement, if a limited liability company
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 us via e-mail at firstname.lastname@example.org
YOU ARE NOT AUTHORIZED TO ENGAGE IN NEW YORK REGULATED MORTGAGE ORIGINATION ACTIVITIES UNTIL YOU HAVE RECEIVED A REGISTRATION ISSUED BY THE SUPERINTENDENT OF BANKS OF THE STATE OF NEW YORK.