New York Mortgage Licensing


 

Mortgage Banker

Mortgage Banker License

Physical In-State Office Required: No
Qualifying Individual: Yes, 5 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage origination activities. Such person must have five years verifiable experience in the business of making or underwriting of residential mortgage loans or similar lending and credit evaluation experience and be actively engage in the operations of the lender. Must hold a NY LO License.
Minimum Net Worth: $250,000 (Audited)
Surety Bond: $50,000
Comment: Must have a $1,000,000 warehouse line of credit on New York’s approved Warehouse Line List, Must have at least 3 executive officers.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$3,000– Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$600 – Private Investigation per Owner/Officer
$500 – NY $50k Company Surety Bond Fee
$1,000 – NY $100k LO Surety Bond Fee
Renewal Fee – $4,108 plus 0.7% of Gross Income on NY Loans


 

Mortgage Broker

Mortgage Broker License

Physical In-State Office Required: No
Qualifying Individual: Yes, 2 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage origination activities. Such person must have five years verifiable experience in the business of servicing mortgage loans or similar servicing experience and be actively engage in the operations of the servicer. Must hold a NY LO License.
Minimum Net Worth: $ None
Surety Bond: $10,000

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$1,500– Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$100 – NY $10k Company Surety Bond Fee
$1,000 – NY $100k LO Surety Bond Fee
Renewal Fee – $1,738 plus 0.7% of Gross Income on NY Loans.


 

Mortgage Servicer

Mortgage Loan Servicer Registration

Physical In-State Office Required: No
Qualifying Individual: Yes, 5 years of verifiable experience. Must designate a person or persons to serve as the Qualified Person (“qualifier”) in charge of the mortgage loan servicing activities. Such person must have five years verifiable experience in the business of making or underwriting of residential mortgage loans or similar lending and credit evaluation experience and be actively engage in the operations of the lender.
Minimum Net Worth: $250,000 plus ¼ of 1% of the outstanding principal balance of aggregate mortgages serviced (whether or not in New York)
Surety Bond: $250,000
Comment: Applicants are required to have a minimum Fidelity and E&O bond of $300,000

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$225 – NY Foreign Entity App
$125 – Registered Agent Fee
$3,100 – Company License Fee
$105 – NY Fingerprinting per Owner/Officer
$2,500 – NY $250k Company Surety Bond Fee


 

Regulated by:

State of New York Department of Financial Services

One State Street
New York, NY 10004-1417
1-877-BANK-NYS
Application Manager |  Mr. Joseph Barreiro | joseph.barreiro@banking.state.ny.us | 212-709-5596
Deputy | Rholda Ricktts | 212-709-5540 | Fax: 212-709-5555
MLO Application Reviewer |  Derrick | 212-709-1585
MLO Application Reviewer | Edwardo Chao | 212-709-3847 **Voice Mail always full
Application Reviewer | Simon Lo | Simon.Lo@dfs.ny.gov
Branch Applications | Change of Address | Keith Anderson | 212-709-5587
Mortgage Banker Applications | Marlene Denigri | Marlene.Denegri@dfs.ny.gov | 212-709-1566
Word Approval Elaine Campbell | elaine.campbell@dfs.ny.gov
Howa Young | ext. 3842 re: Inactive Status
Stephanie.Cunningham@banking.state.ny.us
mbbdenovo@banking.state.ny.us