Question:

What are the mortgage broker license requirements in New York?

Answer:

The New York Association of Mortgage Brokers (NYAMB) is a great resource for information about the mortgage broker license requirements in New York. No matter if you are seeking licensure, or renewal as a mortgage broker in New York, the NYAMB website is the first to visit.

Another valuable source about mortgage broker license requirements in New York is the State of New York Banking Department - the regulating body of mortgage broker license requirements in the state.

Basic Mortgage Broker License Requirements in New York

Mortgage broker applicants in New York have to submit:

  • $500 non-refundable application fee;
  • Surety bond - the amount can vary from as little as $20,000 to over $100,000 depending on your loan load, and is re-calculated twice a year;
  • Fingerprint fee of $100;
  • Notarized statement with all the information about their experience and background qualifying them for a Mortgage Broker license;
  • References with complete addresses need to be provided by all employers and at least 3 lenders;
  • There is a mortgage broker license requirement for conducting business through a website - all information needs to be submitted to the New York Department of Banking.
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