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Obtaining the Approval of the Superintendent to use Certain Words


Entities that wish to engage in business involving residential mortgages on owner-occupied one-to-four family residential properties must secure the prior approval of the Superintendent of Financial Services to use the following words or any derivative thereof in Business Names, Assumed (D/B/A) or Fictitious Names.

Persons seeking such approval must submit the following information to the Department of Financial Services-Mortgage Banking at the address appearing below:

  1. Cover Letter: Must be on letterhead and signed by an authorized officer or counsel, containing the business activities, in New York, of the entity and the purpose for which it intends to use the name; and attesting either
    • a) to the status of any registration, charter, license or authorization that the entity has or must obtain in order to do business in this State; OR
    • b) that no registration, charter, license or authorization is necessary to conduct that business in this State.
  2. Organizational Documents: Depending on the type of legal entity and application, the letter should be accompanied by draft versions of one or more of the following documents:
    • Corporation - Certificate of Incorporation
    • LLC - Articles of Organization
    • LP - Certificate of Limited Partnership or Limited Partnership Agreement
    • Fictitious Name - Application for Authority and denial letter of true name
    • Assumed Name - Certificate of Assumed Name for corporation using D/B/A. Also include the legal entity’s filing receipt.
    • Change of Name - Certificate of Amendment
    • Foreign Organization - Application for Authority and copy of the Good Standing Certificate issued by chartering State.
  3. Certification: The person who submits a letter concerning the business activities of the entity must certify that he/she has knowledge of the facts and shall certify that the description of the listed business activities is, to the best of his/her knowledge, true and accurate. If the person attesting to the fact that a license, charter, registration or other authorization is or is not required by the entity seeking name approval is a duly licensed attorney, such person shall certify that such attestation is, to the best of his/her knowledge, true and correct. If such person is not a duly licensed attorney, such person shall certify that such attestation is made upon information and belief.
  4. Any other information requested by the Department.

PLEASE NOTE: WORD APPROVAL DOES NOT CONSTITUTE A LICENSE TO ENGAGE IN ANY PARTICULAR ACTIVITY AND DOES NOT RESERVE THE NAME WITH THE SECRETARY OF STATE OR THE STATE OF NEW YORK DEPARTMENT OF FINANCIAL SERVICES.

A list of registered/licensed Mortgage Brokers, Mortgage Bankers and Mortgage Loan Servicers is available for viewing on our website. The Mortgage Banking Division reviews all requests to ensure that names reasonably relate to the entity’s activities and that the public would not be confused or misled.

Note: The United Stated Office of the Comptroller of the Currency prohibits State licensed and registered mortgage entities from using the words “National” and “Federal.” Please consult your counsel for additional information.

Statutory Authority for Approval

FAILURE TO INCLUDE REQUIRED DOCUMENTS WITH YOUR ORIGINAL APPLICATION FOR WORD APPROVAL WILL DELAY PROCESSING, AS YOUR APPLICATION WILL BE RETURNED TO YOU FOR COMPLETION.

COMPLETE APPLICATIONS REQUIRE APPROXIMATELY 15 BUSINESS DAYS TO PROCESS.

Please mail all required documents to:

NYS Department of Financial Services,
Mortgage Banking
Applications Unit – Word Approval
One State Street, 3rd Floor
New York, NY 10004

 

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