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Mortgage Broker Application Resources

The New York State Department of Financial Services accepts applications through the Nationwide Mortgage Licensing System (NMLS).  All applications for licensure/registration must be submitted through the online NMLS application process.

Submitting a Complete Application

To ensure that your application is received, acknowledged as complete, and processed, please follow the instructions below.  No application shall be deemed to be complete until the Department has received all required information, documents, and fees.  If an application is determined to be incomplete, the applicant will receive a written notice identifying the items and matters that must be addressed for the Department to continue the application review process.

If a complete response fully addressing all such items and matters to the satisfaction of the Department is not received within 30 days of sending such notice, the application will be considered withdrawn.  Any applicant seeking a license following the withdrawal of an application must submit a new application that must include all required information, documents, and fees.

Access to NMLS

To gain access to NMLS, the applicant must submit a form requesting an NMLS account.  The Company Account Request Form can be accessed at mortgage.nationwidelicensingsystem.org.

Note:  If the applicant already has access to NMLS, you do not need to submit this form.

In the application process, an NMLS Identification Number will be assigned to your application.  Please maintain a record of this NMLS Identification Number as it will be used as your application reference number throughout the remainder of the application process.  The applicant’s NMLS Identification Number must be included on every hard-copy document submitted to the Department of Financial Services.

Once access to the NMLS database is confirmed (i.e., you receive your company user account and password), you can submit an application through the system to become a New York licensed mortgage banker.

Note:  If the applicant has already submitted Forms MU1, MU2, and MU3 through NMLS for another state, the applicant does not need to re-enter the company record into NMLS.  However, the applicant is required to provide jurisdiction-specific information to support its New York State application.

Notice of Receipt of Application

After all required components of the application, including the hard-copy and jurisdiction-specific documents, are received by the Department, a notification confirming receipt will be mailed to the applicant.

Please note that the notice of receipt is based on an initial review and additional materials may be requested during the processing of the application.

Weekly Bulletin Publication

Applications deemed complete are published in the Department’s Weekly Bulletin every Friday.

Approval or Denial

After the application has been processed, the applicant will receive written notification of the approval or denial of the application.
If the application is approved, the applicant will be required to submit a surety bond and evidence of a line of credit with an expiration date no less than six months from the date of approval, and take part in a conferral meeting, after which a License Certificate will be issued.
If the application is denied, the applicant will receive notification of denial.

Waiver Requests

Consistent with the New York Banking Law and the Superintendent’s Regulations, the New York State Department of Financial Services may, in its discretion and in limited circumstances, consider requests for waiver of certain informational requirements applicable to individuals, such as individual owners owning indirectly 10 percent or more of the voting stocks of an applicant or of the voting stocks of an entity that directly or indirectly owns 10 percent or more of the applicant, where it determines the waiver will not adversely impact the application process or the ability of the New York State Department of Financial Services to adequately determine the character and fitness of an applicant.  Any waiver request should be in writing and submitted to the Deputy Superintendent of Mortgage Banking.  Consideration of any waiver request will be fact specific and may require submission of substantial supporting documentation.  Waiver requests may be granted subject to conditions.

In considering a waiver request, the New York State Department of Financial Services may take into account factors such as any publicly available information that would provide the Department with sufficient insight into the background and financial status of the individual or individuals for whom the waiver is sought, lack of any direct or indirect control, influence or oversight by such individual or individuals over the management or operations of the applicant, including serving on the board of directors of the applicant or acting or functioning as a director or officer of the applicant, or any ability, whether direct or indirect, to appoint or dismiss any members of the management, the board of directors or similar officials of the applicant. Additionally, the Department may take into account any evidence of regulatory concerns regarding the applicant, its officers and directors, as well as any supplemental information submitted to determine if existing regulatory oversight, due diligence or other available or utilized processes are comparable to the Department’s application due diligence process.  Any waiver request should address the above factors.  Furthermore, in the process of reviewing and considering the application, the Department may request additional information and supporting documents.

Updated 02/24/2015

 

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