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State Licensing Requirements - NMLS Resource Center

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NMLS Resource Center > State Licensing

State Licensing Requirements

Policy

New York

Electronic Surety Bond

Electronic filings through NMLS may be delayed if all required items on the appropriate checklist below are not submitted to the regulator.

Financial Statements

Check state agency website for further information: New York Department of Financial Services

Professional Standards

Mortgage Call Report Uniform Authorized Agent Reporting Advance Change Notice

Company Licenses

Description

Exempt Mortgage Banker License-MH

Companies who makes “Chattel-Only” loans as a direct lender on Manufactured Homes and employ individuals required to be licensed under Article 12-E of the New York Banking Law. Applicants must also complete and submit a branch office application Branch Form (MU3) for each additional branch office requested as part of this application. The Department will process no more than two branch applications as part of the initial Exempt Mortgage Banker License-MH application.

Transition To NMLS

Nonprofit organization, including nonprofit Single Purpose Limited Liability Subsidiaries, engaged in making loan (loans are closed in the name of the nonprofit organization) that wish to be considered for exemption must submit an application through the NMLS for exemption under this license. (More Details)

Transition To NMLS

Nonprofit organizations that facilitate mortgage loan origination through a Single Purpose Limited Liability subsidiary (SPLLS) or solicit, process, negotiate or place loans on behalf of a third-party must submit an application through the NMLS for exemption under this license. (More Details)

Transition To NMLS

Money Services Businesses Call Report Resources & Support Quick Guides Company Quick Guides Individual

Exempt Mortgage Banker License-NP

Requirements Checklist

Report Samples NMLS Expanded Industries

Exempt Mortgage Broker Registration-NP

NMLS Call Center Information

New Application Amendment Surrender

New Application Amendment Surrender

New Application Amendment Surrender

Account Administration Policy/Help Documents NMLS Expanded Industries

Exempt Mortgage Loan Servicer Registration

This registration is available for any company exempt from the mortgage loan servicer registration requirements pursuant to Section 590(2)(b-1) of the New York Banking Law. (More Details)

New Application Amendment Surrender

Licensed Lender License

Money Transmitter License

Mortgage Banker License

Mortgage Broker Registration

Mortgage Loan Servicer Registration

Sales Finance Company License

The license requirements for Licensed Lenders are found primarily in Article 9 of the New York Banking Law (BL) and the regulations thereunder. BL Section 340 provides: No person or other entity shall engage in the business of making loans in the principal amount of twenty-five thousand dollars or less for any loan to an individual for personal, family, household, or investment purposes and in a principal amount of fifty thousand dollars or less for business and commercial loans, and charge, contract for, or receive a greater rate of interest than the lender would be permitted by law to charge if he were not a licensee hereunder except as authorized by this article and without first obtaining a license from the superintendent.

Transition To NMLS

The license requirements for money transmitters are found primarily in Article 13-B of the New York Banking Law (“BL”) and the regulations thereunder. BL Section 641(1) provides: No person shall engage in the business of selling or issuing checks, or engage in the business of receiving money for transmission or transmitting the same, without a license therefor obtained from the superintendent as provided in this article, nor shall any person engage in such business as an agent, except as an agent of a licensee or as agent of a payee; provided, however, that nothing in this article shall apply to a bank, trust company, private banker, foreign banking corporation licensed pursuant to article two of this chapter or foreign banking company authorized to operate pursuant to the International Banking Act of 1978 (12 USC 3101 et seq.), as amended, savings bank, savings and loan association, an investment company, a national banking association, federal reserve bank, corporation organized under the provisions of section twenty-five-a of an act of congress entitled the "Federal Reserve Act", federal savings bank, federal savings and loan association or state or federal credit union.

Transition To NMLS

This license is required by any company or sole proprietorship who for compensation or gain directly or indirectly advances funds or issues commitments to make mortgage loans. (More Details)

New Application

This registration is required by any company or sole proprietorship who for compensation or gain directly or indirectly accepts, assist, solicit, process, negotiate, or offer to accept, assist solicit, negotiate or process a mortgage loan with a lender on behalf of a third party. (More Details)

New Application

This registration is required by any company or sole proprietorship who receives scheduled periodic payments from a borrower pursuant to the terms of any mortgage loan, including amounts for escrow accounts and making payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the mortgage loan documents or servicing contract. In the case of a reverse mortgage, servicing includes making payments to the borrower. (More Details)

New Application

The license requirements for sales finance companies are found primarily in Article 11-B of the New York Banking Law (BL) and regulations thereunder. BL Section 492 provides, in part: No person, except a bank, savings bank, savings and loan association, trust company, private banker, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, federal credit union, or out-of-state state bank, as such term is defined in subdivision two of section two hundred twentytwo of this chapter, or lender licensed pursuant to article nine of this chapter, shall engage in the business of a sales finance company in this state without a license therefor obtained from the superintendent, as provided in this article.

Transition To NMLS

New Application Amendment Surrender

New Application Amendment Surrender

Amendment Surrender

Amendment Surrender

Amendment Surrender

New Application Amendment Surrender

Branch Licenses

Description

Exempt Mortgage Banker Branch License-MH

Exempt Manufactured Home Lenders that solicit or process loans from locations other than its principal place of business, irrespective of whether the only contact such locations have with applicants is by internet, telephone, facsimile or other electronic process are required to have this license.

New Application

The license requirements for Licensed Lenders are found primarily in Article 9 of the New York Banking Law (BL) and the regulations thereunder. BL Section 340 provides: No person or other entity shall engage in the business of making loans in the principal amount of twenty-five thousand dollars or less for any loan to an individual for personal, family, household, or investment purposes and in a principal amount of fifty thousand dollars or less for business and commercial loans, and charge, contract for, or receive a greater rate of interest than the lender would be permitted by law to charge if he were not a licensee hereunder except as authorized by this article and without first obtaining a license from the superintendent.

Transition To NMLS

This license is required for all mortgage banker locations, separate from the main office as identified on Form MU1, at which loan solicitation and/or loan processing takes place irrespective of whether the only contact with an applicant from that location is by internet, telephone, facsimile or other electronic process. (More Details)

New Application

This license is required for all mortgage broker locations, separate from the main office as identified on Form MU1, at which loan solicitation and/or loan processing takes place irrespective of whether the only contact with an applicant from that location is by internet, telephone, facsimile or other electronic process. (More Details)

New Application

This registration is required for all mortgage loan servicer locations, separate from the main office as identified on Form MU1, at which mortgage loan servicing takes place irrespective of whether the only contact such locations has with borrowers is by internet, telephone, facsimile or other electronic process. (More Details)

New Application

The license requirements for sales finance companies are found primarily in Article 11-B of the New York Banking Law (BL) and regulations thereunder. BL Section 492 provides, in part: No person, except a bank, savings bank, savings and loan association, trust company, private banker, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, federal credit union, or out-of-state state bank, as such term is defined in subdivision two of section two hundred twentytwo of this chapter, or lender licensed pursuant to article nine of this chapter, shall engage in the business of a sales finance company in this state without a license therefor obtained from the superintendent, as provided in this article.

Transition To NMLS

Licensed Lender Branch License

Mortgage Banker Branch License

Mortgage Broker Branch Registration

Mortgage Loan Servicer Branch Registration

Sales Finance Company Branch License

Requirements Checklist

Individual Licenses

Description

Mortgage Loan Originator License

Authorizes individuals to engage in mortgage loan origination activities (More Details)

Amendment Surrender

New Application Amendment Surrender

Amendment Surrender

Amendment Surrender

Amendment Surrender

New Application Amendment Surrender

Requirements Checklist New Application Amendment Surrender

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State Licensing Requirements - NMLS Resource Center

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