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Mortgage Broker Registration Application

The 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.

General Instructions

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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

  1. 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.
  2. 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.
  3. 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.
  4. 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;
    Foreign Companies (entities incorporated or chartered outside the State of New York) provide the following:
    • 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

  5. PERSONAL FINANCIAL STATEMENTS. All direct and indirect owners, owning 10% or more of the voting stock of the applicant, three most senior executive officers, directors and qualifiers must submit personal financial statement for the most recent quarter and year end.
  6. PERSONAL QUESTIONNAIRE. All direct and indirect owners, owning 10% or more of the voting stock of the applicant, three most senior executive officers, directors and qualifiers must submit personal questionnaire.
  7. LITIGATION AFFIDAVIT. All direct and indirect owners, owning 10% or more of the voting stock of the applicant, three most senior executive officers, directors and qualifiers directors must submit a litigation affidavit.
  8. OTHER TRADE NAMES. If applicant will be operating under a name other than its legal name, such as a “dba” or “fictitious” name, provide a file-stamped copy of the Certificate of Assumed Name from the Secretary of State of New York. Sole proprietors using an assumed name “dba” must provide a copy of the filing receipt from the county clerk’s office.
  9. FINGERPRINTS. For each direct and indirect owner, owning 10% or more of the applicant, control person, three most senior executive officers, directors and qualifiers, fingerprints must be submitted to the Department as instructed.
  10. 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 designated officer has reviewed the application and certifies that the application does not contain any untrue statement or omission of material facts.
  11. CORPORATE RESOLUTION. Provide a corporate resolution authorizing officer to execute application on behalf of entity. Resolution must be signed by the corporate secretary and bear the seal of the corporation.
  12. DISCLOSURE. Provide complete details of all events or proceedings for any “Yes” answer to any of the Disclosure questions for the company or any Control Person, three senior most executive officer or directors.
  13. BUSINESS PLAN. Provide a business plan outlining marketing strategy, products, target markets and operating structure the applicant intends to employ in its mortgage origination activities within the State of New York.
  14. FAIR LENDING PLAN. Submit a fair lending plan addressing how the applicant ensures that loans are made in conformance with fair lending laws.
  15. CERTIFICATE OF COMPLIANCE. All applicants must certify that it is in compliance with Section 296-a of the Executive Law.
  16. WORKERS COMPENSATION. All applicants must submit evidence of workers compensation (workers Compensation Law, Section 57) and insurance disability law (Section 220, Subd. 8 of the Disability Law). To comply with the provisions of the Workers’ compensation Lawn and Disability Benefit Law, business must be (1) legally exempt from obtaining workers’ compensation of disability benefit insurance coverage; (2) obtain workers compensation and disability coverage from insurance carrier (3) be self insured or participate in an authorized group self-insurance plan.
  17. LEASES. Provide copies of leases and subleases, if applicable for all locations the applicant seeks to license. Leases must be fully executed in the name of the applicant by an officer of the applicant. If the applicant intends to conduct business at a residential address, a copy of the property deed must be submitted along with zoning permissions.
  18. OWNERSHIP STRUCTURE AND ORGANIZATION CHART. Submit organization charts detailing ownership structure and operating management structure. Reporting lines of executive officers and operating committees should be clearly delineated.
  19. WEBSITE QUESTIONNAIRE. All applicants are required to complete a website questionnaire.
  20. DUAL AGENCY AFFIDAVIT. If the 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.

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 us via e-mail at  mbbdenovo@dfs.ny.gov

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.