-
NMLS LICENSING NEW YORK
Per CEO MIKE KORTAS NEXA Mortgage has submitted the NMLS State Mortgage Corporate Application in New York. New York has a reputation for taking longer than any other states in approving state Mortgage NMLS licenses for companies. Branches and individuals for their NMLS licensing. The tentative expected date is around six months to one year. We will keep everyone updated occasionally when we hear anything.
-
This discussion was modified 5 months ago by
Gustan.
-
This discussion was modified 5 months ago by
-
3 Replies
-
Thank you for providing information about obtaining an NMLS license in New York. Let’s break down the process:
- Apply the Nationwide Mortgage Licensing System (NMLS).
- This is the first step in the process.
- The NMLS is a centralized system for mortgage licensing.
Complete Pre-licensing Education Courses
- Twenty hours of NMLS-approved courses are required.
- This includes 3 hours specifically on New York law.
- These courses prepare you for the role of a mortgage loan originator.
Pass the SAFE Mortgage Loan Originator Test
- This test consists of a National Component with Uniform State Content.
- It assesses your knowledge of mortgages. Lending practices and regulations
Additional information that might be helpful:
Background Check and Fingerprinting: Most states require this as part of the licensing process
Credit Check: Your credit history may be reviewed
Sponsorship: It would help if you typically were sponsored by an NMLS-registered financial institution.
State-Specific Requirements: New York may have additional requirements beyond these basics
Continuing Education: After obtaining your license, you must complete annual continuing education to maintain it.
Would you like more detailed information on any of these steps or the responsibilities of a licensed mortgage loan originator in New York?
-
To get approved for a mortgage company NMLS license in New York, you’ll need to follow a more comprehensive process than an individual mortgage loan originator license. Here’s an overview:
Register your company with NMLS: Create a company account in the NMLS system.
Submit a Company (MU1) Form through NMLS: This includes detailed information about your company structure, ownership, and financial condition.
Submit Individual (MU2) Forms: These are required for all control persons (owners, officers, directors)
Meet financial requirements: New York typically requires a minimum net worth. You may need to provide audited financial statements.
Obtain a surety bond: The amount varies based on your business volume.
Designate a qualifying individual: This person must have experience in the mortgage industry.
Establish a physical office in New York: A brick-and-mortar presence is usually required.
Develop policies and procedures: Create comprehensive policies for regulatory compliance.
Pay all required fees: Application fees, license fees, and other associated costs.
Submit background checks For the company and all control persons. Provide a business plan and organizational chart.
Obtain necessary business licenses: This may include registering with the New York Department of State.
Comply with New York-specific regulations: Familiarize yourself with NY Banking Law and regulations. Prepare for a possible pre-licensing examination or interview.
Remember, this process can be complex and time-consuming. Many companies work with legal counsel experienced in mortgage licensing to ensure all requirements are met.
-
Getting Approved for a MLO and Mortgage Company NMLS License in New York
Obtaining a Mortgage Loan Originator (MLO) and Mortgage Company license in New York involves several steps, including education, exams, background checks, and application reviews. The time it takes to get approved can vary based on individual circumstances and the completeness of the application. Here’s a detailed overview of the steps involved and an estimated timeline:
Steps to Obtain a MLO License in New York:
Complete Pre-Licensing Education:
- Requirement: 20 hours of NMLS-approved pre-licensing education, including 3 hours of New York-specific law.
- Duration: Typically completed within a few weeks.
Pass the SAFE MLO Test:
- Requirement: Pass the National Test Component with Uniform State Content.
- Preparation Time: Varies, but typically a few weeks to a few months.
- Test Scheduling: This can be scheduled through NMLS.
Submit Fingerprints for a Background Check:
- Requirement: Submit fingerprints for an FBI criminal background check.
- Processing Time: Generally takes 1-2 weeks.
Credit Report Authorization:
- Requirement: Authorize a credit report through NMLS.
- Processing Time: Immediate, but reviewing and addressing any issues may take longer.
Complete the MU4 Form:
- Requirement: Submit the Individual Form (MU4) through NMLS.
- Processing Time: This can be completed in a few hours, but gathering the necessary information might take longer.
Submit Application and Fees:
- Requirement: Submit the application through NMLS and pay the required fees.
- Processing Time: Initial review by NMLS and the New York Department of Financial Services (DFS) can take several weeks.
Background Investigation and Review:
- Requirement: The DFS thoroughly reviews the applicant’s background, including credit history and criminal background.
- Processing Time: Depending on the complexity of the applicant’s background, this can take 4-6 weeks or longer.
Steps to Obtain a Mortgage Company License in New York:
Form the Business Entity:
- Requirement: Register the business with the New York Department of State.
- Processing Time: Varies, but typically a few weeks.
Submit the MU1 Form:
- Requirement: Complete and submit the Company Form (MU1) through NMLS.
- Processing Time: This can be completed in a few hours, but gathering the necessary information might take longer.
Provide Financial Statements:
- Requirement: Submit audited financial statements as part of the application.
- Preparation Time: Depends on the company’s readiness; it could take a few weeks to several months.
Secure a Surety Bond:
- Requirement: Obtain a surety bond as required by New York state law.
- Processing Time: Typically a few days to a couple of weeks.
Submit Application and Fees:
- Requirement: Submit the application through NMLS and pay the required fees.
- Processing Time: Initial review by NMLS and the New York DFS can take several weeks.
Background Investigation and Review:
- Requirement: The DFS thoroughly reviews the company’s principles and business plan.
- Processing Time: This can take 4-6 weeks or longer, depending on the complexity of the application.
Estimated Timeline:
MLO License:
- Education and Exam Preparation: 4-8 weeks
- Background Check and Credit Report: 1-2 weeks
- Application Review and Approval: 4-8 weeks
- Total Time: Approximately 2-4 months
Mortgage Company License:
- Business Formation and Preparation: 4-8 weeks
- Application Submission and Review: 6-12 weeks
- Total Time: Approximately 3-6 months
The time it takes to get approved for an MLO and Mortgage Company license in New York can vary. It typically ranges from 2-4 months for an MLO license and 3-6 months for a Mortgage Company license. Ensuring all documentation is complete and accurate can help expedite the process. If you have questions or need further assistance, feel free to ask!