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Mortgage Loan Originator Licensing: MLO Education Course Providers

PRE-LICENSURE EDUCATION AND TESTING REQUIREMENTS

Pursuant to Section 599-f of the New York Banking Law, individuals applying for mortgage loan originator licensing must complete at least twenty (20) hours of education approved by the NMLS. 

COURSE REQUIREMENT

Pre- Licensure education must include at least the following minimum requirements:

  1. Three hours of federal law and regulations;

  2. Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;

  3. Two hours of training related to lending standards for the nontraditional mortgage product marketplace; and

  4. Three hours of training on applicable New York State law and regulations as may be approved by the superintendent.

PROVIDER APPROVAL

Education Providers seeking approval as a provider or for education courses must contact the NMLS at mortgage.nationwidelicensingsystem.org/Pages/default.aspx by selecting the Course Providers link.

QUALIFIED TEST

Qualified test. A written test shall not be treated as a qualified written test unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including the following:

  1. Ethics;

  2. Federal law and regulation pertaining to mortgage origination;

  3. State law and regulation pertaining to mortgage origination; and

  4. Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.

An individual must obtain a grade of at least 75% on the National test and a grade of 75% on the New York State specific test to be deemed to have passed the pre-licensure test.

For additional information on testing and education please review frequently asked questions at http://www.banking.state.ny.us/mbqa1.htm

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